The Board … Banking or banking activity that complies with sharia (Islamic law)—known as Islamic banking and finance, or shariah-compliant finance —has its own products, services and contracts that differ from conventional banking. A list of published working papers, as on October 2020, is provided below: Standards and Guiding Principles, Technical Notes and Guidance Notes, Accounting and Auditing Organization for Islamic Financial Institutions, "Company Overview of Islamic Financial Services Board", "Islamic Financial Services Board Islamic Financial Services Board", "Islamic Financial Services Board (IFSB)", "Islamic Financial Services Board - IFSB", "Sasana Kijang and Lanai Kijang | Bank Negara Malaysia | Central Bank of Malaysia", "Asia ripe for Islamic finance as fintech comes to the fore", https://en.wikipedia.org/w/index.php?title=Islamic_Financial_Services_Board&oldid=998198939, Non-profit organisations based in Malaysia, Creative Commons Attribution-ShareAlike License, Independent international not-for-profit organization, Sets standards for regulatory and supervisory agencies of the Islamic financial services industry, Professor Rifaat Ahmed Abdel Karim (Secretary General) [Until April 2011], Capacity Building in the Financial Sector: Strategies for Strengthening Financial Institutions, Liquidity Management in Institutions Offering Islamic Financial Services, Macroprudential Surveillance and the Role of Supervisory and Regulatory Authorities, Implementation of an Islamic Deposit Insurance System for the Islamic Financial Services Industry, Development of Effective Insolvency Regimes for Islamic Financial Institutions, Crisis Management in the Islamic Financial Services Industry, Developing A Platform For Consumer Protection In The Islamic Financial Services Industry, Financial Reforms in Response to the Global Financial Crisis: Lessons for Islamic Finance in Ensuring Financial Stability, Implementation of the IFSB Standards and Guiding Principles: Overview and Challenges, Preserving the Soundness and Stability of the Islamic Financial Services Industry: The Development of a Financial Safety Net Infrastructure, Comparative Study on the Implementation of the IFSB Standards: Cross-country Assessment, Recovery, Resolution and Insolvency for Institutions Offering Islamic Financial Services, Islamic Finance and the SDGs: Financial Stability Perspectives, Challenges & Opportunities in Global Islamic Finance Industry Stability, WP-01: Working Paper on Strengthening the Financial Safety Net: The Role of Sharī`ah-compliant Lender-of Last-Resort (SLOLR) Facilities as an Emergency Financing Mechanism, WP-02: Working Paper on Evaluation of Core Principles Relevant to Islamic Finance Regulation, WP-03: Working Paper on Financial Consumer Protection in Islamic Finance, WP-04: Comparative Study on the Implementation of Selected IFSB Standards, WP-05: The IFSB-ISRA Joint Working Paper on Sharīʻah Non-Compliance Risk in the Banking Sector: Impact on Capital Adequacy Framework of Islamic Banks, WP-06: Strengthening the Financial Safety Net: The Role and Mechanisms of Sharīʻah Compliant Deposit Insurance Schemes, WP-07: Recovery, Resolution and Insolvency Issues for Institutions Offering Islamic Financial Services, WP-08: Issues Arising From Changes in Takâful Capital Requirements, WP-11: Investigating Intersectoral Linkages in Islamic Financial Services Industry, WP-12: Joint IFSB–AMF Working Paper on Money Laundering and Financing of Terrorism (ML/FT) Risks in Islamic Banking, WP-13: Intermediaries in the Islamic Capital Market, WP-14: Regulatory and Supervisory Issues in Sharīʻah-Compliant Hedging Instruments, Level 5, Sasana Kijang, Bank Negara Malaysia 2, Jalan Dato' Onn, Kuala Lumpur, 50480, This page was last edited on 4 January 2021, at 07:37. Contemporary Islamic finance is based on a number of prohibitions that are not always illegal in the countries where Islamic financial institutions are operating: In its 15th Meeting held on 23 November 2009 in Kuala Lumpur, Malaysia, the Council of the IFSB resolved to establish the Islamic Financial Stability Forum as a platform for the IFSB member countries to discuss issues relating to the financial stability of the Islamic financial services industry. However, in 2004-2005, the IFSB mandate was extended to include supervisors and regulators of insurance and securities markets. The indicator measures the strength of the Islamic finance system. Shari’ah Board; Management; Financial Statements; Article of Association; Standards. The IFSB Releases Working Paper on Risk Based Supervision in Islamic Banking; 16 December 2020 The IFSB and IILM Renew MoU to Emphasise on Economic Development in the Islamic Financial Services Industry; 10 December 2020 Central Bank of UAE to Helm IFSB Chairmanship for 2021; 10 December 2020 The IFSB Admits two Organisations into Its Membership Central Bank of Sudan (formerly known as Bank of Sudan), Professor Rifaat Ahmed Abdel Karim[14] [Secretary General] [From March 2003 To April 2011[15]], Mr. Jaseem Ahmed [Secretary General] [From April 2011 To April 2017[16]], Mr. Zahid ur Rehman Khokher [Acting Secretary General[17]] [From April 2017[18] To January 2018[19]], Dr. Bello Lawal Danbatta [Secretary General] [From January 2018[20] To Incumbent], As at June 2020, the 187 members of the IFSB comprise 79 regulatory and supervisory authorities, 9 international inter-governmental organisations, and 99 market players (financial institutions, professional firms, industry associations and stock exchanges) operating in 57 jurisdictions. Brokerage services (Purchase & buying of share of companies involved in halal business, a fee could be charged for it). The Islamic financial system is not much different from the products and services in the traditional financial system but it operations are essentially based on a certain set of moral and ethical principles that determined what is viewed as morally ‘right’ implying actions and transactions that promote public good, and ‘wrong’ implying actions and transactions likely to … [7] IFSB was originally established to sever banking sector regulators and central banks. Brief on IIFM Standards ; Key Features of IIFM Published Standards; Published Standards; Standards Under Development; Standards Evaluation of Implementation; Events. We offer periodic seminars throughout the year to educate about Islamic Finance. Islamic finance strictly complies with Sharia law. Islamic finance is a global financial system that complies with sharia (Islamic law) — a code of conduct that guides all aspects of Muslim life. [21], As on October 2020, the IFSB has issued 32 Standards & Guiding Principles, Technical Notes and Guiding Principles for various sectors of Islamic financial services industry. The mission of the IFSB is to promote the stability and resilience of the Islamic financial services industry. To this end, the work of the IFSB complements that of the Basel Committee on Banking Supervision (BCBS), International Organisation of Securities Commissions (IOSCO) and the International Association of Insurance Supervisors (IAIS). In addition, the paper investigates whether the influence of IFSB-3 on corporate governance varies between Islamic and conventional financial institutions. The organisation promotes and enhances the soundness and stability of the Islamic financial services industry by issuing global prudential standards and guiding … [3] In advancing this mission, the IFSB promotes the development of a prudent and transparent Islamic financial services industry through introducing new, or adapting existing international standards consistent with Sharî'ah principles, and recommend them for adoption.[4][5][6]. The IFSB seeks to achieve its mission through the issuance, and facilitating the implementation, of global and prudential and supervisory standards and other initiatives that foster knowledge sharing and cooperation. ABOUT THE ISLAMIC FINANCIAL SERVICES BOARD (IFSB) The IFSB is an international standard-setting organisation which was officially inaugurated on 3 November 2002 and started operations on 10 March 2003. Hence, it is vital for such institutions to form a shariah supervisory board (SSB) comprising on fiqh al-muamalat experts to guide their transactions in accordance with the principles of shariah. These bodies collaborate with institutions such as the IMF or the World Bank to promote sharia … In advancing this mission, the … 14 February 2005 2 Presented at the MENA-OECD Initiatives on Governance and Investment … Islamic Financial Services Board (IFSB). Islamic finance refers to the provision of financial services in accordance with Islamic jurisprudence (Shari’ah).3Shari’ah bans interest (Riba),4products with excessive uncertainty (Gharar), gambling (Maysir), short sales, as well as financing of prohibited activities that it considers harmful to society. 2. 3 that has been issued by Islamic Financial Services Board (IFSB-3) has improved corporate governance structure of firms listed in the Kuwait stock market. Upcoming Events; Past Events; Press & Media. 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