The IFSB Publishes French Version of Standards on Sharīʻah Governance (IFSB-10) and Supervisory Review Process (IFSB-16)
Date posted: 5 April 2018
Kuala Lumpur, 5 April 2018 – The Islamic Financial Services Board (IFSB) is pleased to announce the release of the French versions of two IFSB Standards on Sharīʻah Governance Systems (IFSB-10) and Revised Guidance on Key Elements in the Supervisory Review Process (IFSB-16).
Secretary-General of the IFSB, Dr. Bello Lawal Danbatta said, “The French versions of the IFSB Standards aim to cater to the increasing interest on Islamic finance among the French-speaking countries around the globe. The translations aim to increase the understanding of the IFSB Standards and their requirements among the practitioners from these jurisdictions, which we hope will result in increased implementation of the IFSB Standards in member countries.” He added, “The first IFSB Standard translated into French was IFSB-1 - Guiding Principles of Risk Management for Institutions offering Islamic Financial Services (IIFS), in 2016. The translation of IFSB-10 and IFSB-16 reflects the the continued commitment of the IFSB to its members, and is part of the IFSB’s Strategic Key Result Area 2 (SKRA 2) on the Facilitating the Implementation of Prudential Standards and Capacity Development under the IFSB’s Strategic Performance Plan 2016-2018.”
All IFSB Standards, Guiding Principles and Guidance Notes are issued in both English and Arabic languages. The IFSB is progressively translating the Standards into French, with a further three standards planned to be translated in 2018. This translation initiative complements the other SKRA2 implementation activities including the country and regional workshops, technical assistance, policy advice, and the IFSB E-learning Portal.
Details of the new standards in French are as follows:
- IFSB-10: Principes Directeurs Sur Le Système De Gouvernance De La Charī`a Pour Les Institutions Offrant Des Services Financiers Islamiques
(Guiding Principles on Sharīʻah Governance Systems for Institutions offering Islamic Financial Services)
IFSB-10, issued in 2009, highlights the components of a sound Sharīʻah governance system, such as the precise terms of reference for Sharīʻah boards, appropriate alignment of incentives, proper record-keeping, adoption of a professional code of ethics, etc. The Standard also highlights the elements of safeguarding the independence of Sharīʻah boards, the importance of observing and preserving confidentiality by the organs of Sharīʻah governance as well as improving consistency in terms of the professionalism of members of the Sharīʻah board.
- IFSB-16: Directives Révisées Sur Les Éléments Clés Dans Les Processus D’examen De La Surveillance Prudentielle Des Institutions Offrant Des Services Financiers Islamiques (Excluant Les Institutions D’assurance Islamique (Takāful) Et Des Organismes D’investissement Collectif Islamiques)
(Revised Guidance on Key Elements in the Supervisory Review Process for Institutions offering Islamic Financial Services)
IFSB-16, issued in 2014, offers guidance on key elements in the supervisory review process for authorities supervising Islamic financial institutions, taking into consideration the specificities of the IIFS and lessons learned from the crisis. It complements the existing international standards on the supervisory review process, in particular those of the Basel Committee on Banking Supervision (BCBS). This Standard is similar to the Pillar 2 structure, on which the Basel frameworks are based.
The IFSB-10 and IFSB-16 documents in English, Arabic and French are available for download on the IFSB website www.ifsb.org.
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