Contemporary Islamic finance is based on a number of prohibitions that are not always illegal in the countries where Islamic financial institutions are operating: TN-2 (December 2016)Technical Note on Stress Testing for Institutions Offering Islamic Financial Services (IIFS) Although Islamic financial institutions may have very different structures, types of customers, and goals, they all share one key element: They must comply with Islamic law. The Islamic Financial Services Board (IFSB) is an international standard-setting organisation that 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. IFSB has been also issuing working papers since 2014. In advancing this mission, the … [11] The country of its location, Malaysia, passed a special law the year the IFSB was established—the Islamic Financial Services Board Act 2002—giving the IFSB the usual "immunities and privileges" international organizations receive. It serves as an international standard-setting body of regulatory and supervisory agencies that have vested interest in ensuring the soundness and stability of the Islamic financial services industry, which is defined broadly to include banking, capital market and insurance. [12], Nine Founding Members signed the Articles of Agreement on 3 November 2002. News Updates; Gallery; Members Types. Copyright 2020 Islamic Financial Services Board. 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. The Islamic Financial Services Board (IFSB), which is based in Kuala Lumpur, was officially inaugurated on 3rd November 2002 and started operations on 10th March 2003. The IFSB Publishes the Russian Version of Three IFSB Standards on Guiding Principles of Risk Management for Institutions (Other Than Insurance Institutions) Offering Only Islamic Financial Services (IIFS) (IFSB-1), Guiding Principles for Retakāful(Islamic Reinsurance) (IFSB-18), and Guiding Principles on Disclosure Requirements for Islamic Capital Market Products (Ṣukūk and … 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. 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. 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). Shari’ah does not permit receipt and payment of "riba" (interest), "gharar" (excessive uncertainty), "maysir" (gambling), short sales or financing activities that it considers harmful to society. The organisation promotes and enhances the soundness and stability of the Islamic financial services industry by issuing global prudential standards and guiding … Other allowed Islamic financial services & products. Its secretariat is located in Manama Bahrain. These are:[13], 1. In addition, the paper investigates whether the influence of IFSB-3 on corporate governance varies between Islamic and conventional financial institutions. The Board … Upcoming Events; Past Events; Press & Media. DOI: 10.32507/ajei.v1i1.394 Corpus ID: 169766931. 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. December 2020 WP-16: Regulatory and Supervisory Issues in Takaful Windows, December 2020 WP-15: Risk-Based Supervision in Islamic Banking, August 2020 Islamic Financial Services Industry Stability Report 2020, December 2019WP-14: Regulatory and Supervisory Issues in Sharīʻah-Compliant Hedging Instruments, December 2019WP-13: Intermediaries in the Islamic Capital Market, July 2019Islamic Financial Services Industry Stability Report 2019, July 2018WP-08: Issues Arising From Changes in Takâful Capital Requirements, June 2018Islamic Financial Services Industry Stability Report 2018, 21st Islamic Financial Stability Forum - The Implications of COVID-19 on the Stability of Islamic Financial Services Industry, 37th Islamic Financial Services Board (IFSB) Council Meeting, 2nd Working Group Meeting on Revised Solvency Requirements for Takaful Undertakings, 2nd Extraordinary Meeting of the Technical Committee, 2nd Innovation Forum - Digital Transformation of Islamic Finance and other Innovative Solutions for Post-COVID-19 Recovery, 4th JWG Meeting on Shariah Governance Framework for Institutions Offering Islamic Financial Services (RSGF), 4th Meeting of the Executive Committee of the IFSB, IFSB-FIS E-Workshop Series : Regulatory Capital for Islamic Banks, 52nd Meeting of the Technical Committee of the IFSB, IFSB-FIS E-Workshop Series : IFSB-14: Standard on Risk Management for Takaful Undertakings, 14th IFSB-INCEIF Executive Programme - Measures to Create Resilience for the Islamic Finance Industry During and Post-Crisis: Regulator’s Perspectives, IFSB Executive Programme on ICM & Takaful - COVID-19 and Implications for the Islamic Capital Markets and Takaful Sectors, IFSB-FIS E-Workshop Series : IFSB-8: Guiding Principles on Governance for Takaful Undertakings, 7th Meeting of the Working Group on Revised Capital Adequacy Standard for the Islamic Banking Sector, 3rd Working Group Meeting on Core Principles for Islamic Finance Regulation (Financial Market Infrastructures), 1st Task Force Meeting of Technical Note on Shariah-compliant Liquidity Management Tools, 1st Working Group Meeting on Revised Solvency Requirements for Takaful Undertakings, Launching of The Islamic Financial Services Industry Stability Report 2020 & IFSB Members and Industry Engagement Session (MIES) Via Online Platform, 51st Meeting of the Technical Committee of the IFSB, IFSB Regulatory and Supervisory Authorities Forum on Covid-19, 5th Working Group Meeting on Core Principles for Islamic Finance Regulation (Takaful Segment), IFSB-FIS E-Workshop Series : Sukuk: Disclosures and Shariah Compliance Requirements (IFSB-19), Impact and Consistency Assessment Programme (ICAP) ONLINE MEETING, IFSB Online Executive Programme - COVID-19 and Implications on Institutions offering Islamic Financial Services (IIFS), 2nd Working Group Meeting on Core Principles for Islamic Finance Regulation (Financial Market Infrastructures), 6th Working Group Meeting on The Investor Protection Islamic Capital Market, 5th Meeting of the Technical Note on Recovery and Resolution Plan for Institutions offering Islamic Financial Services (IIFS), 3rd Joint Working Group Meeting on the Revised Shariah Governance Framework Standard, Webinar for the Public Hearing on ED-25 : Disclosures to Promote Transparency and Market Discipline for Takaful/Retakaful Undertakings, Webinar for the Public Hearing on ED-24: Guiding Principles on Investor Protection in Islamic Capital Markets, 13th Meeting of the Task Force on Prudential and Structural Islamic Financial Indicators (PSIFIs), IFSB-FIS E-Workshop : Financial Inclusion and Islamic Finances From IFSB Technical Note Perspective-TN-3, 1st Working Group Meeting on Core Principles for Islamic Finance Regulation (Financial Market Infrastructures), 6th Working Group Meeting on Disclosure to Promote Transparency and Market Discipline for Takaful / Retakaful Undertaking, 5th Working Group Meeting on The Investor Protection Islamic Capital Market, 4th Working Group Meeting on Core Principles for Islamic Finance Regulation (Takaful Segment), 6th Meeting of the Working Group on the Revised Capital Adequacy Standard for the Islamic Banking Sector, 4th Meeting of the Technical Note on Recovery and Resolution Plan for Institutions offering Islamic Financial Services (IIFS), Public Consultation Summary of Exposure Draft IFSB-22, Public Consultation Summary of Exposure Draft TN-2, TN-2 Stress Testing templates and User Guide, WP-16: Regulatory and Supervisory Issues in Takaful Windows, WP-15: Risk-Based Supervision in Islamic Banking, Islamic Financial Services Industry Stability Report 2020, WP-14: Regulatory and Supervisory Issues in Sharīʻah-Compliant Hedging Instruments, WP-13: Intermediaries in the Islamic Capital Market, Islamic Financial Services Industry Stability Report 2019, WP-08: Issues Arising From Changes in Takâful Capital Requirements, Islamic Financial Services Industry Stability Report 2018. Islamic Finance Advisory Board is a non-profit, self-regulatory, voluntary body engaged in the promotion of Islamic Finance in Canada. 14 February 2005 2 Presented at the MENA-OECD Initiatives on Governance and Investment … Islamic Financial Services Board (IFSB) IFSB is an international standard-setting organization with a membership of 185 participants, whose work complements the work of the Basel Committee on Banking Supervision, International Organization of Securities Commissions and the International Association of Insurance Supervisors. The Islamic Capital Market (ICM) The Islamic Capital Market refers to a market where the capital market transactions, … Central Bank of Bahrain (formerly known as Bahrain Monetary Authority), 3. Sharia prohibits certain elements that are common in conventional finance, such as interest and speculation. 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