The IFSB Council Approves the Strategic Performance Plan 2019 - 2021
Date posted: 6 December 2018
6 December 2018, Jeddah, Kingdom of Saudi Arabia – The Islamic Financial Services Board’s (IFSB) Strategic Performance Plan (SPP) 2019-2021 aims to continue the enhancement of the IFSB’s standards development agenda and strengthen its initiatives to encourage the implementation of the IFSB Standards in member jurisdictions. The SPP 2019-2021 was approved today by the IFSB Council in its 33rd meeting chaired by H.E. Dr. Mohammad Y. Al-Hashel, Governor of the Central Bank of Kuwait and IFSB Council Chairman 2018.
The SPP 2019-2021 revisits the IFSB’s key mandates against the key expectations of the industry on the IFSB’s future strategic direction. It emphasises the dynamic relationship between the role of the IFSB Secretariat, and the specific and pertinent roles of the IFSB Members, particularly the regulatory and supervisory authorities (RSA) and international organisations, in ensuring the IFSB achieves the strategic objectives and impact it was established to deliver.
The SPP 2019-2021 comprises four Strategic Key Result Areas (SKRAs) as follows:
- SKRA 1: Formulation and Issuance of Prudential Standards, Research and Statistics;
- SKRA 2: Facilitating the Implementation of Prudential Standards and Capacity Development;
- SKRA 3: Increasing Value in the IFSB Membership, Global Visibility and Attractiveness;
- SKRA 4: Efficient Management of Resources.
SKRA 1 is related to the IFSB’s key mandate of Standards Development that focuses on increasing the efficiency to deliver timely and relevant standards, as well as addressing the expertise gap on a long-term basis.
SKRA 2 on the IFSB Standards Implementation and Adoption, looks the IFSB’s initiatives in comparison with other standard-setters, and proposes strategies to align the work of the IFSB with its comparators. With implementation being very high on the IFSB Council and member’s expectations, the SPP 2019-2021 envisages a bigger role for the IFSB RSA members. International Monetary Fund’s (IMF) recognition, in May 2018, of the IFSB’s Core Principles for Islamic Finance Regulation (CPIFR) for Banking in its surveillance programme, is also expected to encourage and drive the implementation of the IFSB Standards in member jurisdictions in the coming years.
SKRA 3 focuses on Membership Satisfaction and the IFSB Attractiveness. The SKRA emphasises collaboration and strategic partnerships to increase the visibility of the IFSB globally, and includes joint cooperation for events and publications, as well as proposes enhancements in communications, in both its form (use of technology and expanding means of communications) as well as the substance (content and key messages to be communicated).
SKRA 4 focuses enhancing the IFSB’s overall productivity and efficiency, through the effective management of human resources, pursuing financial sustainability and enhancing internal controls and governance.
The SKRAs are KPI’s based, and are reflected in 12 Outcomes and 27 Outputs, which operationalise the organisation’s strategic objectives as stated in the IFSB’s Articles of Agreement. They also embody the IFSB’s Core Values of Accountability, Collaboration, Responsiveness and Integrity.
From 2003, when IFSB started operations, to end of 2012, the IFSB work was guided by annual work plans approved by the Council in their year-end meetings. The introduction of a three-year SPP in 2012 provided a more structured framework and strategic focus to the work of the IFSB and its activities. The IFSB’s has started the first SPP for the term of 2012-2015, and the second SPP was for the period of 2016-2018. The SPP 2019-2021 is the third SPP cycle for the IFSB, and it is the first that has been developed internally without the engagement of external consultants.
More information on the SPP 2019-2021 will be available on the IFSB website; www.ifsb.org in due course.
The 33rd meeting of the IFSB Council, hosted by the Islamic Development Bank Group (IsDB), was held on 6 December 2018 in Jeddah, Kingdom of Saudi Arabia. The Council Meeting was chaired by H.E. Dr. Mohammad Y. Al Hashel, the Governor of the Central Bank of Kuwait and Chairman of the IFSB for 2018, attended by the President of the IsDB, H.E. Dr. Bandar Mohammed Hajjar, 12 central bank Governors and Commissioners of regulatory and supervisory authorities, and 10 senior representatives from among the Council and Full members of the IFSB, representing 19 countries.
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