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The IFSB Celebrates 20 Years of Growth and Excellence

Date posted: 30 March 2023

Kuala Lumpur, 30 March 2023 - The Islamic Financial Services Board (IFSB) is celebrating its 20th Anniversary this year, marking an important milestone for the IFSB. 

From March 2003 to March 2023, the IFSB has grown from 9 members to 187 members around the world, comprising 80 regulatory and supervisory authorities, 10 international inter-governmental organisations, and 97 market players (financial institutions, professional firms, industry associations and stock exchanges), operating across 57 jurisdictions. 

The Islamic Financial Services Board (IFSB) started operations on 10 March 2003, founded by a consortium of central banks of Islamic finance practicing jurisdictions worldwide and the Islamic Development Bank. At a time when Islamic finance was fast penetrating into the global stage, there was an urgent need to support and drive the growing international financial architecture in a structured manner. Thus, the IFSB was coined in 2002 to manoeuvre the harmonisation of prudential standards across different jurisdictions, while establishing best practices in the Islamic Financial Services Industry (IFSI) worldwide, with a clear mandate of promoting the soundness and resilience of the IFSI. 

Since its inception, with outstanding commitment and unwavering support of all its members particularly the governing bodies; the Council, Executive Committee and Technical Committee, the IFSB has issued 36 Standards, Guiding Principles and Technical Notes for the IFSI in multitude of areas: encompassing Islamic banking, Islamic capital market and takaful sectors in addition to numerous research working papers issued.

“The anniversary celebration is an excellent occasion to celebrate the IFSB’ success relating to the past, present, and future aspirations, by especially expressing gratitude to its stakeholders who has each contributed to the sustainability of the IFSB over the past 2 decades,” Dr. Bello Danbatta expressed his appreciation. 

The IFSB achieves its mandate through the development of myriad of academic cooperation and exchange of educational resources, while catalysing collaborative efforts and platforms in potential areas of common interests, relevant to enhancing knowledge and raising proficiency in Islamic finance internationally.

Dr. Bello added, “This major milestone marks IFSB’s strengthened footing as the cornerstone of the Islamic Financial Services Industry (IFSI) over the years, keeping up with the evolution of the Islamic Financial Services Industry (IFSI) and the challenges faced.” In 2021, the total worth of the IFSI had increased to an estimated USD 3.06 trillion and the IFSI sustained its growth momentum recording a growth rate of 11.3% year-on-year (y-o-y) based on significant improvement across the 3 segments of the IFSI, especially in Islamic banking and the Islamic Capital Market.

The IFSB takes this opportunity to thank all its members, employees and stakeholders for their outstanding and unwavering commitments and support over these two decades while its journey into the future continues.