Islamic Financial Services Board

(IFSB)

An international standard-setting organisation of regulatory and supervisory agencies. It aims to promote and enhance the soundness and stability of the Islamic financial services industry.

(From IFSB website: 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. 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).

IFSB website:

+ Islamic Financial Services Board (IFSB)

USA

Established in 2002, the Islamic Financial Services Board (IFSB) is an international standards setting body that promotes the development of a prudent and transparent Islamic financial services industry by recommending new or adapting existing international standards consistent with Sharia principles. The IFSB has over 190 members including several central banks, the International Monetary Fund, the World Bank and the Islamic Development Bank. The IFSB has published standards on many topics including risk management, capital adequacy and corporate governance. Although they are instructive, the IFSB's recommendations and standards are not binding on its members.