Islamic Financial Services Board (IFSB) definition

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What does Islamic Financial Services Board (IFSB) mean?

International standard-setting body of regulatory and supervisory agencies that have a interest'>vested interest in ensuring the soundness and stability of the Islamic financial services industry, defined broadly to include banking, capital market and insurance. Established in 2002 in Kuala Lumpur, Malaysia by the central banks of Bahrain, Iran, Kuwait, Malaysia, Pakistan, Saudi Arabia, Sudan along with AAOIFI, the Islamic Development Bank, and the International Monetary Fund, the IFSB promotes the development of a prudent and transparent Islamic financial services industry through introducing new, or adapting existing, international standards consistent with Shari'ah principles and recommending them for adoption by its members. 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.

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