Islamic Financial Services Board

Islamic Financial Services Board
Abbreviation IFSB
Formation November 3, 2002 (2002-11-03) in Malaysia.
Type Independent international not-for-profit organization
Purpose Sets standards for regulatory and supervisory agencies of the Islamic financial services industry
Headquarters Kuala Lumpur,  Malaysia
Location
  • Level 5, Sasana Kijang, Bank Negara Malaysia 2, Jalan Dato' Onn, Kuala Lumpur, 50480[1]
Region served
Worldwide
Membership
183
Official language
English, Arabic
Acting Secretary-General
 Zahid Ur Rehman Khokher
Main organ
 General Assembly
Staff
11-50[2]
Website www.ifsb.org

Islamic Financial Services Board (IFSB) is an international body that sets standards and offers guidance for Islamic banking and finance regulatory and supervisory agencies.[3][4] It is based in Kuala Lumpur, Malaysia, and began operations in early 2003.[4] As of April 2017, it has 183 members (including full members, associate members, or observer members).[3] As of 2 August 2017, the IFSB Acting Secretary-General is Zahid Ur Rehman Khokher.[3]

It was founded by "a consortium of central banks" and the Islamic Development Bank.[5] 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.[6] In 2005 the IFSB mandate was extended to include supervisors and regulators of insurance and securities markets.[5] A of 2013 the IFSB has issued 19 "Standards, Guiding Principles and Technical Note".[6]

See also

References

  1. ↑ "Company Overview of Islamic Financial Services Board". Bloomberg. Retrieved 3 August 2017.
  2. ↑ "Islamic Financial Services Board Islamic Financial Services Board". Linked In. Retrieved 3 August 2017.
  3. 1 2 3 "Background". The Islamic Financial Services Board (IFSB). Retrieved 2 August 2017.
  4. 1 2 "Islamic Financial Services Board - IFSB". Investopedia. Retrieved 2 August 2017.
  5. 1 2 Islamic Finance: The Regulatory Challenge. John Wiley & Sons. 2007. p. 3. Retrieved 3 August 2017.
  6. 1 2 The Developing Role of Islamic Banking and Finance: From Local to Global ... Emerald Group Publishing. 2014. p. 182. Retrieved 3 August 2017.
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