Kuala Lumpur, November 4, 2010 – In its 22nd meeting held today in Kuala Lumpur, Malaysia, the Technical Committee of the Islamic Financial Services Board (IFSB) approved the issuance of the following two Exposure Drafts (EDs):
This Guidance Note complements the IFSB Standard on Capital Adequacy for Institutions offering Islamic Financial Services (IIFS) (IFSB-2), which was issued in December 2005. IFSB-2 proposes two methods to calculate capital adequacy ratios of IIFS. This Guidance Note aims to:
The objective of this Guidance Note is to facilitate the emergence of generally accepted criteria for the recognition by national supervisory authorities and the wider financial community of credit ratings on Takāful and ReTakāful undertakings. It aims to:
The public consultation period which begins 4 November 2010 is part of the due process for the preparation of the IFSB Guidance Notes. The IFSB Secretariat invites all interested parties, including the IFSB members, to comment send their comments on the EDs to the IFSB Secretariat ([email protected]) latest by 14 January 2011.
The EDs will be available for download from the IFSB website at www.ifsb.org.