[10], IFSB was founded by "a consortium of central banks" and the Islamic Development Bank. The Islamic Financial Services Board (IFSB) is an international standard-setting body … 2. Islamic Finance Advisory Board is a non-profit, self-regulatory, voluntary body engaged in the promotion of Islamic Finance in Canada. [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. Our key service is to assist financial institutions in structuring products in a Shariah-compliant manner. 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. These are:[13], 1. … 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. 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 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. TN-2 Stress Testing templates and User Guide are available for download. Islamic Financial Services Board (IFSB). DOI: 10.32507/ajei.v1i1.394 Corpus ID: 169766931. 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. Shari’ah Board; Management; Financial Statements; Article of Association; Standards. 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. The Board was formed in 2008 to facilitate the development of Sharia-compliant financial products in Canada. Islamic Financial Services Board. Education and Awareness. Copyright 2020 Islamic Financial Services Board. Although Islamic financial institutions may have very different structures, types of customers, and goals, they all share one key element: They must comply with Islamic law. [8], IFSB is based in Sasana Kijang,[9] Kuala Lumpur, Malaysia, and began operations on 10 March 2003. Upcoming Events; Past Events; Press & Media. 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. Brief on IIFM Standards ; Key Features of IIFM Published Standards; Published Standards; Standards Under Development; Standards Evaluation of Implementation; Events. 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. Sale & purchase of foreign currency ; Sale & purchase of traveler's checks (local & foreign currency) ATM services ; Electronic online transfer The organisation promotes and enhances the soundness and stability of the Islamic financial services industry by issuing global prudential standards and guiding … Investree berpartisipasi di event Islamic Financial Service Board 2019 di JHCC 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. The Islamic Capital Market (ICM) The Islamic Capital Market refers to a market where the capital market transactions, … 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 … [12], Nine Founding Members signed the Articles of Agreement on 3 November 2002. 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. 14 February 2005 2 Presented at the MENA-OECD Initiatives on Governance and Investment … 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. 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. As the world’s Muslim population increases, the demand for Islamic financial firms and products is […] Its secretariat is located in Manama Bahrain. [ ENGLISH | ARABIC ]. 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. See Public Consultation Summary of Exposure Draft TN-2 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 [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. In its 15th Meeting held on 23 November 2009 in Kuala Lumpur, Malaysia, the Council of the IFSB resolved to establish the Islamic Financial Stability Forum as a platform for the IFSB member countries to discuss issues relating to the financial stability of the Islamic financial services industry. Other allowed Islamic financial services & products. 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. Remittance ; Zakat deduction. 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. 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 … [3] In advancing this mission, the IFSB promotes the development of a prudent and transparent Islamic financial services industry through introducing new, or adapting existing international standards consistent with Sharî'ah principles, and recommend them for adoption.[4][5][6]. A list of published working papers, as on October 2020, is provided below: Standards and Guiding Principles, Technical Notes and Guidance Notes, Accounting and Auditing Organization for Islamic Financial Institutions, "Company Overview of Islamic Financial Services Board", "Islamic Financial Services Board Islamic Financial Services Board", "Islamic Financial Services Board (IFSB)", "Islamic Financial Services Board - IFSB", "Sasana Kijang and Lanai Kijang | Bank Negara Malaysia | Central Bank of Malaysia", "Asia ripe for Islamic finance as fintech comes to the fore", https://en.wikipedia.org/w/index.php?title=Islamic_Financial_Services_Board&oldid=998198939, Non-profit organisations based in Malaysia, Creative Commons Attribution-ShareAlike License, Independent international not-for-profit organization, Sets standards for regulatory and supervisory agencies of the Islamic financial services industry, Professor Rifaat Ahmed Abdel Karim (Secretary General) [Until April 2011], Capacity Building in the Financial Sector: Strategies for Strengthening Financial Institutions, Liquidity Management in Institutions Offering Islamic Financial Services, Macroprudential Surveillance and the Role of Supervisory and Regulatory Authorities, Implementation of an Islamic Deposit Insurance System for the Islamic Financial Services Industry, Development of Effective Insolvency Regimes for Islamic Financial Institutions, Crisis Management in the Islamic Financial Services Industry, Developing A Platform For Consumer Protection In The Islamic Financial Services Industry, Financial Reforms in Response to the Global Financial Crisis: Lessons for Islamic Finance in Ensuring Financial Stability, Implementation of the IFSB Standards and Guiding Principles: Overview and Challenges, Preserving the Soundness and Stability of the Islamic Financial Services Industry: The Development of a Financial Safety Net Infrastructure, Comparative Study on the Implementation of the IFSB Standards: Cross-country Assessment, Recovery, Resolution and Insolvency for Institutions Offering Islamic Financial Services, Islamic Finance and the SDGs: Financial Stability Perspectives, Challenges & Opportunities in Global Islamic Finance Industry Stability, WP-01: Working Paper on Strengthening the Financial Safety Net: The Role of Sharī`ah-compliant Lender-of Last-Resort (SLOLR) Facilities as an Emergency Financing Mechanism, WP-02: Working Paper on Evaluation of Core Principles Relevant to Islamic Finance Regulation, WP-03: Working Paper on Financial Consumer Protection in Islamic Finance, WP-04: Comparative Study on the Implementation of Selected IFSB Standards, WP-05: The IFSB-ISRA Joint Working Paper on Sharīʻah Non-Compliance Risk in the Banking Sector: Impact on Capital Adequacy Framework of Islamic Banks, WP-06: Strengthening the Financial Safety Net: The Role and Mechanisms of Sharīʻah Compliant Deposit Insurance Schemes, WP-07: Recovery, Resolution and Insolvency Issues for Institutions Offering Islamic Financial Services, WP-08: Issues Arising From Changes in Takâful Capital Requirements, WP-11: Investigating Intersectoral Linkages in Islamic Financial Services Industry, WP-12: Joint IFSB–AMF Working Paper on Money Laundering and Financing of Terrorism (ML/FT) Risks in Islamic Banking, WP-13: Intermediaries in the Islamic Capital Market, WP-14: Regulatory and Supervisory Issues in Sharīʻah-Compliant Hedging Instruments, Level 5, Sasana Kijang, Bank Negara Malaysia 2, Jalan Dato' Onn, Kuala Lumpur, 50480, This page was last edited on 4 January 2021, at 07:37. Central Bank of Bahrain (formerly known as Bahrain Monetary Authority), 3. In advancing this mission, the … The Board … 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. 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). Development, Structuring and Endorsement of Banking and Capital Market Products Some of these include Mudharabah (profit sharing), Wadiah (safekeeping), Musharakah (joint venture), Murabahah (cost plus finance), Ijar (), Hawala (an … Islamic Financial Services Board Return on Asset ROA A measure of profitability that results from dividing Net Income over Total asset. 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 … However, in 2004-2005, the IFSB mandate was extended to include supervisors and regulators of insurance and securities markets. 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 … 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. 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