[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. Islamic Financial Services Board. 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. We provide solutions to financial disputes with subject matter experts. Sharia prohibits certain elements that are common in conventional finance, such as interest and speculation. Islamic finance refers to the provision of financial services in accordance with Islamic jurisprudence (Shari’ah).3Shari’ah bans interest (Riba),4products with excessive uncertainty (Gharar), gambling (Maysir), short sales, as well as financing of prohibited activities that it considers harmful to society. Islamic Financial Services Board (IFSB). [12], Nine Founding Members signed the Articles of Agreement on 3 November 2002. 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. [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]. Islamic finance is a global financial system that complies with sharia (Islamic law) — a code of conduct that guides all aspects of Muslim life. It is not a regulatory body and its … Bank Indonesia menjadi tuan rumah pertemuan tahunan IFSB (The IFSB Annual Meeting) dari tanggal 30 Maret – 2 April 2015 di Jakarta. 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. 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). Its secretariat is located in Manama Bahrain. Central Bank of the Islamic Republic of Iran, 8. News Updates; Gallery; Members Types. 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 Board functions at three levels. Islamic Finance Advisory Board is a non-profit, self-regulatory, voluntary body engaged in the promotion of Islamic Finance in Canada. Central Bank of Bahrain (formerly known as Bahrain Monetary Authority), 3. 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. Our key service is to assist financial institutions in structuring products in a Shariah-compliant manner. [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. [ ENGLISH | ARABIC ] 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. Islamic Finance refers to the provision of financial services in accordance with Shari’ah Islamic law, principles and rules. [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. 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