The following Banking & Finance practice note provides comprehensive and up to date legal information covering:
This Practice Note provides a high-level overview of the key standard setters and participants in the Islamic finance industry and their respective roles, including the Islamic Financial Services Board (IFSB), the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), the various types of banks and financial institutions offering Shari’ah compliant products and services and Shari’ah supervisory boards or committees.
The Islamic Financial Services Board or IFSB serves as an international standard-setting body of regulatory and supervisory agencies that have a 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.
IFSB offers various membership categories for different types of participants in the Islamic finance industry.
IFSB full membership is available to:
supervisory authorities responsible for the supervision of the
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Coronavirus (COVID-19): The guidance detailing normal practice set out in this Practice Note may be affected by measures concerning process and procedure in the civil courts that have been introduced as a result of the coronavirus (COVID-19) pandemic. For guidance, see Practice Note: Coronavirus
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