See Public Consultation Summary of Exposure Draft TN-2 Its secretariat is located in Manama Bahrain. Remittance ; Zakat deduction. 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 Shari’ah Board; Management; Financial Statements; Article of Association; Standards. The safeguard to make Islamic financial institutions perform their dealings according to the Islamic laws comes when there is a legitimate control body in the institution. Central Bank of the Islamic Republic of Iran, 8. Brokerage services (Purchase & buying of share of companies involved in halal business, a fee could be charged for it). 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. Islamic Financial Services Board. [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. We provide solutions to financial disputes with subject matter experts. [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 IFSB also conducts research and coordinates initiatives on industry related issues, as well as organises roundtables, seminars and conferences for regulators and industry stakeholders. Islamic Financial Services Board Return on Equity ROE Results from dividing net income over equity and it indicates this is another measure of profitability of the Islamic financial system. The Board functions at three levels. Sharia prohibits certain elements that are common in conventional finance, such as interest and speculation. Advisory and Consultancy. 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. In advancing this mission, the … 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. THE ROLE OF SHARIAH SUPERVISORY BOARD IN ISLAMIC FINANCIAL INDUSTRY (CASE STUDY: IRAN, MALAYSIA, AND INDONESIA) @inproceedings{Arsyianti2019THERO, title={THE ROLE OF SHARIAH SUPERVISORY BOARD IN ISLAMIC FINANCIAL INDUSTRY (CASE STUDY: IRAN, MALAYSIA, AND INDONESIA)}, … Islamic Financial Services Board Return on Asset ROA A measure of profitability that results from dividing Net Income over Total asset. 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 … However, in 2004-2005, the IFSB mandate was extended to include supervisors and regulators of insurance and securities markets. ICS BANKS ISLAMIC is compliant with international standards; such as the Islamic Fiqh Academy, Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), Islamic Financial Services Board (IFSB), and Basel Committee on Banking Supervision. … 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. 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. Islamic Financial Services Board (IFSB). See Public Consultation Summary of Exposure Draft IFSB-22, GN-7 (December 2019)Guidance Note on Sharî`ah-compliant Lender-Of-Last-Resort Facilities[ ENGLISH | ARABIC ], TN-3 (December 2019)Technical Note on Financial Inclusion and Islamic Finance 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. 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. 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 Upcoming Events; Past Events; Press & Media. 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. 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. 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. [12], Nine Founding Members signed the Articles of Agreement on 3 November 2002. Other allowed Islamic financial services & products. 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). It is not a regulatory body and its … 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. These are:[13], 1. [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. The organisation promotes and enhances the soundness and stability of the Islamic financial services industry by issuing global prudential standards and guiding … [ ENGLISH | ARABIC ] Mediation and Arbitration. 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 … Education and Awareness. Central Bank of Bahrain (formerly known as Bahrain Monetary Authority), 3. The text provides some examples of current practices, recognising that these practices may change as markets change and as technology, financial engineering … 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. 2. 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