Islamic Financial Services Board (IFSB) - IFSB-IAIS Working Agreement aims to enhance cooperation and compassionate in alternate areas of administration of the Takāful industry

Kuala Lumpur, December 4, 2008 – In band with its authorization to liaise and abet with accordant organizations currently ambience standards for the adherence of the all-embracing budgetary and banking systems and those of the affiliate countries, the Islamic Financial Services Board (IFSB) today appear that it has active an acceding with the International Association of Insurance Supervisors (IAIS) which aims to enhance the cooperation and compassionate in alternate areas of administration in the Takāful industry.

Both organisations accept a alternate ambition to advance the acumen and adherence of the insurance/ Takāful industry through the development of all-embracing prudential standards and acceptable the cooperation a allotment of authoritative authorities. While the specific ambit of the IAIS is on the development of the allowance industry, the ambit of the IFSB, which is the Islamic banking casework industry, encompasses banking, basic markets and insurance/Takāful. The aboriginal cooperation amid the two organisations resulted in the publishing of a Joint Issues Paper on Issues in Regulation and Supervision of Takaful (Islamic Insurance) appear in June 2006. The Working Agreement is a assiduity of that cooperation.

The IFSB is an all-embracing standard-setting organisation that represents authoritative authorities that recognise Islamic banking services, whether by legislation or adjustment or by accustomed convenance and all-embracing inter-governmental organisations, that accept an absolute authorization for announcement Islamic banking casework industry. It aswell admits insurance/Takāful bazaar players as able-bodied as cyberbanking and basic markets institutions as eyewitness members. The aim of the IFSB is to advance and enhance 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. Towards this end, the IFSB works carefully with accordant international, bounded and civic organisations, research/educational institutions and bazaar players.

Established in 1994, the IAIS represents allowance regulators and admiral of some 190 jurisdictions in about 140 countries and has aswell added than 120 allowance professionals, insurers, reinsurers and barter associations as observers. The IAIS issues all-around allowance principles, standards and advice papers, provides training and abutment on issues accompanying to allowance supervision, and organises affairs and seminars for allowance supervisors. The IAIS works carefully with added all-embracing institutions to advance banking stability.

The IFSB will be arising an acknowledgment abstract advantaged Guiding Principles on Governance of Islamic Insurance (Takāful) Operations by the end of 2008. It is aswell currently advancing a accepted on the solvency requirements for Takāful operations.”

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

To date, the 178 associates of the IFSB comprises 42 authoritative and authoritative authorities, six all-embracing inter-governmental organisations and 130 bazaar players and able firms operating in 34 jurisdictions.

Siham Ismail
Islamic Financial Services Board
Kuala Lumpur, Malaysia
Email: siham@ifsb.org
Tel: + 603 2698 4248 ext 119