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IFSB programmes to facilitate the development of the Islamic financial services industry     
Press Release > 2018

The IFSB Receives Technical Assistance from the Islamic Development Bank to Promote Islamic Finance

Date posted: 1 May 2018

Kuwait City, 1 May 2018The Islamic Financial Services Board (IFSB) and the Islamic Development Bank (IsDB) signed a Technical Assistance (TA) Grant agreement during the IFSB Annual Meetings in Kuwait City today. The TA from the IsDB to the IFSB amounting to USD 250,000, is planned to be implemented over a period of three years starting 2018 to 2021.

The TA funds will support selected IFSB work programmes and activities which have been endorsed by the IFSB Council as a part of its Strategic Performance Plan, which include the facilitating the implementation of IFSB standards in the IsDB and IFSB common member countries and developing a new Technical Note on Financial Inclusion and Islamic Finance

On this occasion, the IFSB Secretary-General, Dr. Bello Lawal Danbatta stated: “The IFSB is very appreciative of this assistance from the IsDB, which will allow the IFSB to continue its initiatives in capacity building and standards implementation, which come very high on the IFSB’s agenda, and are among the major expectations from the IFSB members.” He further added that “part of the grant will be used in funding of the Technical Note on Financial Inclusion, which is expected to cover regulatory issues including Islamic microfinance, application of proportionality principle, use of Fintech and integration of Islamic social finance to enhance the financial inclusion through Islamic finance, is aligned with the IsDB’s goal to promote inclusive financial services and foster socio-economic development of member countries.”

Speaking during the signing ceremony, the Vice President Country Programmes, IsDB, Dr. Mansur Muhtar said: “the IsDB recognises the IFSB as one of its key partners in developing the Islamic financial services industry. Since its inception, the IFSB has achieved many significant milestones in promoting sound and robust Islamic finance architecture and regulation through developing prudential standards in Islamic banking, capital markets and the Takaful industry. I am delighted to sign this technical assistance grant agreement with the IFSB and wish it the very best in undertaking its planned projects and activities especially those funded by this grant.”

This assistance is the fifth TA from the IsDB to the IFSB since the IFSB started operations in 2003. Previous TAs grants were given to the IFSB in 2004, 2009, 2013 and 2015. The IsDB is a Full and Founding Member of the IFSB, and sits on the IFSB Council.

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