Kuala Lumpur, 30 December 2023 – The Islamic Financial Services Board (IFSB) is delighted to announce the release of its Second Implementation Guidelines (IG) Report for 2023. This report is a crucial element in the IFSB’s ongoing commitment to facilitate the implementation of its standards in member jurisdictions, thereby fostering the growth of the Islamic financial services industry (IFSI).
The IG Report provides insight into the development of the IFSI and the implementation of key prudential requirements based on IFSB standards within four specific jurisdictions – Indonesia, Nigeria, Pakistan, and Sudan. Designed as an indispensable tool for member jurisdictions aiming to promote the IFSI and adhere to IFSB standards, the report serves as a documented illustration of fundamental implementation steps taken by Regulatory and Supervisory Authorities (RSAs) demonstrating high IFSB standards implementation rates.
Dr. Bello Lawal Danbatta, the Secretary-General of the IFSB, highlighted, “There are certain challenges that our members might face in implementing the IFSB Standards. The IG report is a supporting tool provided by the Secretariat to assist member RSAs in overcoming some of those challenges. The close cooperation with our member RSAs enabled the timely publication of this report, capturing jurisdictions’ experiences in creating the right environment for Islamic finance institutions and ensuring effective IFSB standards implementation.”
Dr. Bello further noted that the IFSB Secretariat remains committed to producing additional editions of the IG Report, intending to publish a series of reports guiding member RSAs through the experiences of jurisdictions with robust Islamic finance infrastructure and high IFSB standards implementation rates.
This edition of the IG Report concentrates on key areas within the Islamic banking sector in Indonesia, Nigeria, Pakistan, and Sudan. Specific emphasis was placed on crucial aspects such as Legislation and Laws, Shari’ah Governance, Development of Liquidity Management Infrastructure, Financial Safety Nets, Effective Crisis Management and Resolution Framework, Disclosure requirements, Governance, Accounting, and Auditing, among others.
For more updates from IFSB and to download the Implementation Guidelines 2023 Report, visit our website at www.ifsb.org.
