[27] Prominent industry experts, senior leadership of national and international institutions  and  thought leaders have presented their papers in the Islamic Financial Stability Forum since 2010 as follows: Former President University of Marburg, Germany and IFSB Consultant, Chief Operating Officer, Malaysia Deposit Insurance Corporation, Chief Counsel of the Finance, Private Sector and Infrastructure Practice Group, The World Bank, Chief Executive, Dubai Financial Services Authority, Deputy Chief Executive, Securities Commission Malaysia, Secretary-General, Islamic Financial Services Board, Assistant Secretary-General, Islamic Financial Services Board, Consultant, Islamic Financial Services Board, Former President of the University of Marburg, Germany, and Consultant to the Islamic Financial Services Board, Partner, Curtis, Mallet-Prevost, Colt & Mosle LLP and Consultant to the Islamic FInancial Services Board, Head of Islamic Finance, Finance, Competitiveness and Innovation Global Practice, The World Bank Group, Associate Managing Director, Banking EMEA. 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. islamic financial services board ifsb news, islamic financial services board ifsb videos, islamic financial services board ifsb photos, islamic financial services board ifsb latest updates Sale & purchase of foreign currency ; Sale & purchase of traveler's checks (local & foreign currency) ATM services ; Electronic online transfer Upcoming Events; Past Events; Press & Media. These consulting firms usually employ a group of Islamic scholars who function like an externalised sharia board, ... the Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) and the Malaysian Islamic Financial Services Board (IFSB). 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. [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. The Board … [7] IFSB was originally established to sever banking sector regulators and central banks. 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. In line with that development and challenge, the Islamic Capital Market (ICM) space is also considered by the regulators in the Islamic finance jurisdictions to function orderly in … The following types of Islamic financial institutions serve Muslim and non-Muslim populations throughout the world: Islamic banks: Islamic banks have many functions that mirror those of their conventional … 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. Some of these include Mudharabah (profit sharing), Wadiah (safekeeping), Musharakah (joint venture), Murabahah (cost plus finance), Ijar (), Hawala (an … TN-2 Stress Testing templates and User Guide are available for download. The mission of the IFSB is to promote the stability and resilience of the Islamic financial services industry. [12], Nine Founding Members signed the Articles of Agreement on 3 November 2002. 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 … 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. IFSB-25 (December 2020) Disclosures to Promote Transparency and Market Discipline for Takāful/Retakāful Undertakings[ ENGLISH | ARABIC ], IFSB-24 (December 2020) Guiding Principles on Investor Protection in Islamic Capital Markets[ ENGLISH | ARABIC ], IFSB-22 (December 2018)Revised Standard on Disclosures to Promote Transparency and Market Discipline for Institutions Offering Islamic Financial Services [Banking Segment][ ENGLISH | ARABIC ] The International Islamic Financial Market — a standardization body of the Islamic Financial Services Board for Islamic capital market products and operations — was founded in November 2001 through the cooperation of the governments and central banks of Brunei, Indonesia and Sudan. 2. Central Bank of the Islamic Republic of Iran, 8. IFSB PROMOTES SOUNDNESS AND STABILITY • 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 Takāful SPECIFICITIES OF ISLAMIC FINANCE [10], IFSB was founded by "a consortium of central banks" and the Islamic Development Bank. We offer periodic seminars throughout the year to educate about Islamic Finance. 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). [ ENGLISH | ARABIC ]. [8], IFSB is based in Sasana Kijang,[9] Kuala Lumpur, Malaysia, and began operations on 10 March 2003. IFSB has been also issuing working papers since 2014. 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. [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. 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. The Guiding Principles sets out fifteen principles of risk management that give practical effect to managing the risks underlying the business objectives that IIFS may adopt. [22], Guiding Principles of Risk Management for Institutions (other than Insurance Institutions) offering only Islamic Financial Services (IIFS), Capital Adequacy Standard for Institutions (other than Insurance Institutions) offering only Islamic Financial Services (IIFS), Guiding Principles on Corporate Governance for Institutions offering only Islamic Financial Services (Excluding Islamic Insurance (Takâful) Institutions and Islamic Mutual Funds), Disclosures to Promote Transparency and Market Discipline for Institutions offering Islamic Financial Services (excluding Islamic Insurance (Takâful) Institutions and Islamic Mutual Funds), Guidance on Key Elements in the Supervisory Review Process of Institutions offering Islamic Financial Services (excluding Islamic Insurance (Takâful) Institutions and Islamic Mutual Funds), Guiding Principles on Governance for Islamic Collective Investment Schemes, Capital Adequacy Requirements for Sukûk, Securitisations and Real Estate Investment, Guiding Principles on Governance for Takâful (Islamic Insurance) Undertakings, Guiding Principles on Conduct of Business for Institutions offering Islamic Financial Services, Guiding Principles on Sharî`ah Governance Systems for Institutions offering Islamic Financial Services, Standard on Solvency Requirements for Takâful (Islamic Insurance) Undertakings, Mrs Kartina Md Ariffin (from 1 October 2009), Guiding Principles on Liquidity Risk Management for Institutions offering Islamic Financial Services, Mr. Jaseem Ahmed (Secretary General) [From May 2011], Guiding Principles on Stress Testing for Institutions offering Islamic Financial Services, Standard On Risk Management for Takāful (Islamic Insurance) Undertakings, Revised Capital Adequacy Standard for Institutions Offering Islamic Financial Services Excluding Islamic Insurance (Takāful) Institutions and Islamic Collective Investment Schemes], Revised Guidance on Key Elements In The Supervisory Review Process of Institutions Offering Islamic Financial Services (Excluding Islamic Insurance (Takāful) Institutions and Islamic Collective Investment Schemes), Core Principles for Islamic Finance Regulation (Banking Segment), Guiding Principles for Retakāful (Islamic Reinsurance), Guiding Principles on Disclosure Requirements for Islamic Capital Market Products (Sukûk and Islamic Collective Investment Schemes), Key Elements in the Supervisory Review Process of Takâful/Retakâful Undertakings, Core Principles for Islamic Finance Regulation [Islamic Capital Market Segment], Revised Standard on Disclosures to Promote Transparency and Market Discipline for Institutions Offering Islamic Financial Services [Banking Segment], Guidance Note in Connection with the Capital Adequacy Standard: Recognition of Ratings by External Credit Assessment Institutions (ECAIs) on Sharî'ah-compliant Financial Instruments, Guidance Note in Connection with the Risk Management and Capital Adequacy Standards: Commodity Murâbahah Transactions, Guidance Note on the Practice of Smoothing the Profits Payout to Investment Account Holders, Guidance Note in Connection with the IFSB Capital Adequacy Standard: The Determination of Alpha in the Capital Adequacy Ratio for Institutions (other than Insurance Institutions) offering only Islamic Financial Services, Guidance Note on the Recognition of Ratings by external Credit Assessment Institutions (ECAIS) on Takâful and ReTakâful Undertakings, Guidance Note on Quantitative Measures for Liquidity Risk Management in Institutions Offering Islamic Financial Services [Excluding Islamic Insurance (Takâful) Institutions and Islamic Collective Investment Schemes], Guidance Note on Sharî`ah-compliant Lender-Of-Last-Resort Facilities, Technical Note on Issues in Strengthening Liquidity Management of Institutions Offering Islamic Financial Services: The Development of Islamic Money Markets, Technical Note on Stress Testing for Institutions Offering Islamic Financial Services (IIFS), Technical Note on Financial Inclusion and Islamic Finance. Agenda The Islamic capital market, concepts, structures and statistics Challenges in globalizing the Islamic capital market instruments Role of the IFSB in the globalization of Islamic capital market instruments www.ifsb.org. Other allowed Islamic financial services & products. We provide solutions to financial disputes with subject matter experts. 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. The Islamic Capital Market (ICM) The Islamic Capital Market refers to a market where the capital market transactions, … Islamic Financial Services Board Return on Asset ROA A measure of profitability that results from dividing Net Income over Total asset. 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. , voluntary body engaged in the promotion of Islamic Finance common in Finance... 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