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Press Release > 2020

The IFSB Publishes the French Version of three IFSB Standards on the Core Principles for Islamic Finance Regulation (Banking Segment) (IFSB-17), Guiding Principles for Retakāful (Islamic Reinsurance) (IFSB-18) and Guiding Principles on Disclosure Requirements for Islamic Capital Market Products (Ṣukūk and Islamic Collective Investment Schemes) (IFSB-19)

Date posted: 18 June 2020

Kuala Lumpur, 18 June 2020 – The Islamic Financial Services Board (IFSB) is pleased to announce the release of the French version of three IFSB Standards on the Core Principles for Islamic Finance Regulation (Banking Segment) (IFSB-17), Guiding Principles for Retakāful (Islamic Reinsurance) (IFSB-18) and Guiding Principles on Disclosure Requirements for Islamic Capital Market Products (Ṣukūk and Islamic Collective Investment Schemes) (IFSB-19).
 
Secretary-General of the IFSB, Dr. Bello Lawal Danbatta said, “The issuance of additional three French versions of IFSB standards reflects the IFSB’s strong commitment to cater to the increasing interest and recognition of Islamic finance among the French-speaking jurisdictions around the world. The three newly translated Standards is another milestone on the path towards improving the implementation rates of the IFSB Standards in member countries.” He added that, “the translation of these three documents reflects the continued commitment of the IFSB to its members, and is part of the IFSB’s Strategic Performance Plan (SPP) 2019-2021”.
 
All IFSB Standards, Guidance and Technical Notes are issued in both English and Arabic languages. The IFSB is progressively translating the Standards, Guidance and Technical Notes into French, with a further three standards planned to be translated in 2020 into French. This translation initiative complements the other implementation activities including the country and regional workshops, technical assistance, policy advice, and the IFSB E-learning Portal.
 
Details of the newly translated documents are as follows:
 
IFSB-17: Core Principles for Islamic Finance Regulation (Banking Segment)
 
The main objective of the CPIFR is to provide a set of core principles for the regulation and
supervision of the IFSI, taking into consideration the specificities of the IIFS in the banking segment and the lessons learned from the financial crisis, and complementing the existing international standards, principally the BCBS’s Core Principles for Effective Banking Supervision (Basel Core Principles, or BCPs).
 
IFSB-18: Guiding Principles for Retakāful (Islamic Reinsurance)
 
The standard focuses primarily on Retakāful at the level of the individual entity. With suitable
modifications, the principles may be applied in respect of group-wide Retakāful activities as
well as for RTUs operating in different jurisdictions.
 
IFSB-19: Guiding Principles on Disclosure Requirements for Islamic Capital Market Products (Ṣukūk and Islamic Collective Investment Schemes)
 
The standard is aimed at those ṣukūk that represent proportional, undivided ownership right in tangible assets, or a pool of tangible assets and other types of assets, and at ICIS that invest in transferable securities. It covers the main stages of disclosure – that is, initial, ongoing (periodic and immediate) and point-of-sale disclosure, in so far as they are applicable to ṣukūk and ICIS.
 
IFSB-17, IFSB-18 and IFSB-19 documents in English, Arabic and French are available for download on the IFSB website www.ifsb.org. The IFSB Secretariat will be delighted to receive any comments or feedback about the quality of the translated text at the following email address: translation@ifsb.org

 


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