Islamic Financial Services Board (IFSB) - IFSB promulgates all-embracing prudential standards to abode specificities of Islamic basic markets

Point Aux Piments (Mauritius), May 19th, 2009 – "The Islamic Financial Services Board has promulgated standards which abode issues accompanying to Islamic basic markets, namely babyminding for Islamic aggregate investment schemes, conduct of business and Sharî`ah governance". Rifaat Ahmed Abdel Karim, Secretary-General of the Islamic Financial Services Board (IFSB) said in the Seminar on Islamic Capital Markets in Mauritius today. The Seminar is hosted by the Bank of Mauritius and the Financial Services Commission of Mauritius.

The development of Islamic basic markets has apparent the alms of a advanced alternative of new and avant-garde articles and casework such as Sharî`ah-compliant stocks, Sukûk, Islamic aggregate investment schemes and Islamic Real Estate Investment Trusts (REITs). While there are no accurate estimates of the accepted admeasurement of the Islamic basic market, there are abounding break of how the appetence and the appeal for Sharî`ah-compliant articles beat the accessible supply. This suggests that the abeyant for advance charcoal promising.

Rifaat said "The IFSB supports initiatives by authoritative and authoritative authorities from a allotment of its associates to advance the Islamic banking casework industry in their assorted jurisdictions." The Bank of Mauritius abutting the IFSB associates in November 2007 and is initiating efforts to advance its Islamic basic markets. He added, "However, agnate to abounding added jurisdictions, Mauritius has to abode the challenges of introducing Islamic banking services, namely the prudential, acknowledged and tax framework which should be acclimatized to Islamic finance."

The IFSB as an all-embracing standard-setting anatomy for the Islamic banking casework industry, has issued seven all-embracing prudential standards for the industry. While it has developed the agnate of Basel II for the cyberbanking sector, the organisation is still developing standards which abode issues accompanying to Islamic basic markets and Takâful. To date, we accept boarded on works on babyminding for Islamic aggregate investment schemes, conduct of business and Sharî`ah governance". Rifaat concluded his accent emphasising, "We accept that the development and accomplishing of the IFSB standards would brainwash a able and advisable accident administration ability in the Islamic banking casework industry premised on the ethical standards broadcast by Islam, and appropriately accord appear instilling aplomb and announcement banking adherence aural the industry."

The Islamic Financial Services Board (IFSB) is an all-embracing standard-setting organisation that promotes and enhances the acumen and adherence of the Islamic banking casework industry by arising all-around prudential standards and allegorical attempt for the industry, broadly authentic to cover banking, basic markets and allowance sectors. The 185 associates of the IFSB comprise 43 authoritative and authoritative authorities, 6 all-embracing inter-governmental organizations and 136 bazaar players and able firms operating in 35 jurisdictions. The IFSB aswell conducts analysis and coordinates initiatives on industry-related issues, as able-bodied as organises roundtables, seminars and conferences for regulators and industry stakeholders. Towards this end, the IFSB works carefully with accordant international, bounded and civic organisations, research/educational institutions and bazaar players.

For added advice about the IFSB, amuse appointment www.ifsb.org

Siham Ismail
Islamic Financial Services Board
3rd Floor, Block A, Bank Negara Malaysia Building
Jalan Dato Onn, 50480 Kuala Lumpur
Malaysia
Email: siham@ifsb.org
Tel: + 603 2698 4248 ext. 119