Kuala Lumpur: - The Islamic Financial Services Board (IFSB) is pleased to announce its issuance of the First Implementation Guidelines (IG) Report for 2020, developed as the IFSB’s standards implementation supporting initiative for IFSB Member jurisdictions.
The IG report reflects the development of the Islamic financial services industry (IFSI) and the implementation of key prudential requirements based on IFSB standards within four jurisdictions – Bahrain, Jordan, Oman and Kazakhstan. While the IG project is designed to create an easy pass for member jurisdictions that are willing to promote the IFSI and implement the IFSB standards, this report itself is a documented practice of basic implementation steps by Regulatory and Supervisory Authorities (RSAs) with high IFSB standards implementation rates.
This report focuses on key areas that led to the development of Islamic banking in Bahrain, Jordan, Oman and Kazakhstan, such as Legislation and Laws, Shari’ah Governance, Development of Liquidity Management Infrastructure, Financial Safety Nets, Effective Crisis Management and Resolution Framework, Disclosure requirements, Governance, Accounting and Auditing, and others.
The Secretary-General of the IFSB, Dr Bello Lawal Danbatta stated: “There are certain challenges that our members might face in the process of implementation of the IFSB Standards. The IG report is a supporting tool provided by the Secretariat to assist members RSAs to overcome some of those challenges. The close cooperation with our member RSAs made it possible to bring this timely publication on jurisdictions’ experience in building a right environment for Islamic finance institutions and ensuring effective IFSB standards implementation.”
He also said that IFSB Secretariat will continue its work on other editions of IG report and will publish a series of IG reports to guide member RSAs through the experience of jurisdictions with strong Islamic finance infrastructure and high IFSB standards implementation rate.
This IG report is designed to support RSAs’ standards implementation activities through addressing Implementation challenges and highlighting useful Implementation tools available with IFSB and sharing initial recommendations to move some barriers. Along with the countries analysis, the report incorporates information on the most implemented IFSB standards and data on Implementation status developments for the past three years from 2018 till 2020 considering all three sectors: Islamic banking, Islamic Capital Markets and Islamic insurance {Takaful}.
For more information and to download the Implementation Guidelines Report 2020, visit www.ifsb.org
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About the Islamic Financial Services Board (IFSB)
The 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. 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. Towards this end, the IFSB works closely with relevant international, regional and national organisations, research/educational institutions and market players. The members of the IFSB comprise regulatory and supervisory authorities, international inter-governmental organisations and market players, professional firms and industry associations.
For more information about the IFSB, please visit www.ifsb.org
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