One of the areas that I have not gotten myself fully engrossed in is the standards by IFSB.
Admittedly, Islamic Financial Services Board (IFSB) is one of the more important organisation that promotes Islamic Banking. The main reasons for IFSB are ensuring the soundness and stability of the Islamic financial services industry, which is defined broadly to include banking, capital market and insurance. In advancing this mission, the IFSB promotes the development of a prudent and transparent Islamic financial services industry through introducing new, or adopting existing international standards consistent with Sharî’ah principles, and recommend them for adoption.To this end, the work of the IFSB complements that of the Basel Committee on Banking Supervision, International Organisation of Securities Commissions and the International Association of Insurance Supervisors. As at April 2014, the 184 members of the IFSB comprise 59 regulatory and supervisory authorities, eight international inter-governmental organisations, 111 financial institutions and professional firms as well as six self-regulatory organisations (Industry Associations and Stock Exchanges) operating in 45 jurisdictions.
Admittedly, Islamic Financial Services Board (IFSB) is one of the more important organisation that promotes Islamic Banking. The main reasons for IFSB are ensuring the soundness and stability of the Islamic financial services industry, which is defined broadly to include banking, capital market and insurance. In advancing this mission, the IFSB promotes the development of a prudent and transparent Islamic financial services industry through introducing new, or adopting existing international standards consistent with Sharî’ah principles, and recommend them for adoption.To this end, the work of the IFSB complements that of the Basel Committee on Banking Supervision, International Organisation of Securities Commissions and the International Association of Insurance Supervisors. As at April 2014, the 184 members of the IFSB comprise 59 regulatory and supervisory authorities, eight international inter-governmental organisations, 111 financial institutions and professional firms as well as six self-regulatory organisations (Industry Associations and Stock Exchanges) operating in 45 jurisdictions.
Malaysia, the host country of the IFSB, has enacted a law known as the Islamic Financial Services Board Act 2002, which gives the IFSB the immunities and privileges that are usually granted to international organisations and diplomatic missions.
One day, when the stars align, I will sit down and read these standards. But the readers are more than welcome to read them in the meanwhile.
Published Standards
- Risk Management for Institutions offering Islamic Financial Services
- Capital Adequacy Standard for Institutions offering Islamic Financial Services
- Corporate Governance for Institutions offering Islamic Financial Services
- Disclosures to Promote Transparency and Market Discipline for Institutions offering Islamic Financial Services
- Supervisory Review Process of Institutions offering Islamic Financial Services
- Governance for Islamic Collective Investment Schemes
- Capital Adequacy Requirements for Sukuk, Securitisations and Real Estate Investments
- Governance for Takaful Undertakings
- Conduct of business for Institutions offering Islamic Financial Services
- Shari’ah Governance Systems for Institutions offering Islamic Financial Service
- Solvency Requirements for Takaful Undertakings
- Liquidity Risk Management for Institutions offering Islamic Financial Services
- Stress Testing for Institutions offering Islamic Financial Services
- Risk Management for Takaful Undertakings
- Revised Capital Adequacy Standard for Institutions offering Islamic Financial Services
- Revised Guidance on Key Elements in the Supervisory Review Process of Institutions offering Islamic Financial Services
Guidance Notes
- GN-1 Capital Adequacy Standards
- GN-2_Guidance_Note_on_Commodity_Murabahah
- GN-3_Practice_of_Smoothing the Profits
- GN-4 Guidance Note Capital Adequacy Standards – Alpha in Capital Ratios
- GN-5 Guidance Note Recognition of Ratings for Takaful Retakaful
Reports
Islamic Bankers Resource Centre 