Kuala Lumpur , December 18, 2006 – The Islamic Financial Services Board (IFSB) today issued two exposure drafts (ED) for a five-month public consultation period. The EDs, which were approved on 29 th November by the IFSB Technical Committee in its meeting at the Islamic Development Bank Headquarters in Jeddah, are on:
Transparency and Market Discipline for Institutions offering Islamic Financial Services (ED4)
Supervisory Review Process for Institutions offering Islamic Financial Services (ED5)
The Secretary General of the IFSB, Professor Rifaat Ahmed Abdel Karim said, “The IFSB welcomes comments by regulatory and supervisory authorities, international organizations, financial institutions, market players and other interested parties who share the IFSB objective.”
The IFSB will be organizing workshops and a public hearing to discuss each ED as follows:
Workshops : 6 February 2007 in Kuala Lumpur, Malaysia
Public Hearing : 14 May 2007 in Dubai, United Arab Emirates
The issuance of the EDs mark another milestone for the IFSB, an international standard-setting body of global regulatory and supervisory authorities that have vested interest in ensuring the soundness and stability of the Islamic financial services industry. Since starting operations in 2003, the IFSB has issued three prudential standards for the Islamic financial services industry, namely, Capital Adequacy, Risk Management and Corporate Governance.
Download Exposure Drafts
