IFSB
The Islamic Financial Services Board (IFSB) is an international standard-setting organisation based in Kuala Lumpur, officially inaugurated on 3rd November 2002 and started operations on 10th March 2003.
The IFSB promotes and enhances the soundness and stability of the Islamic financial services industry by issuing global prudential standards and guiding principles for the industry, broadly defined to include banking, capital markets and insurance sectors. The IFSB also conducts research and coordinates initiatives on industry related issues, as well as organises roundtables, seminars and conferences for regulators and industry stakeholders.
Membership
As at November 2009, the IFSB had 193 members which include 49 regulatory and supervisory authorities as well as International Monetary Fund, World Bank, Bank for International Settlements, Islamic Development Bank, Asian Development Bank and the Islamic Corporation for the Development of Private Sector, Saudi Arabia, and 138 market players and professional firms operating in 39 jurisdictions.
Standards
Since its inception, the IFSB has issued twelve Standards, Guiding Principles and Technical Note for the Islamic financial services industry. The published documents are on the areas of Risk Management, Capital Adequacy, Corporate Governance, Transparency and Market Discipline, Supervisory Review Process, Recognition of Ratings on Sharî'ah-Compliant Financial Instruments, Development of Islamic Money Markets, Governance for Collective Investment Schemes, Special Issues in Capital Adequacy, Guilding Principles on Governance for Islamic Insurance (Takaful) Operations, Conduct of Business for Institutions offering Islamic Financial Services and Guiding Principles on Sharî'ah Goverance System.
External links
- Islamic Financial Services Board Website of the organisation
