Kuala Lumpur, 27 December 2023 – The Islamic Financial Services Board (IFSB) reaffirms its commitment to global inclusivity by announcing the release of the Russian versions of three pivotal standards. This strategic move, in line with the IFSB’s ongoing efforts to broaden accessibility, is a notable milestone in facilitating a deeper understanding of Islamic finance within Russian-speaking jurisdictions worldwide.
The newly released Russian versions encompass the following key standards:
Dr. Bello Lawal Danbatta, the IFSB Secretary-General, emphasised the initiative’s significance, stating, “The continuous introduction of Russian versions of IFSB standards underscores our dedication to accommodate the growing interest in Islamic finance within Russian-speaking jurisdictions globally. This marks a significant step in expanding and enhancing the implementation rates of IFSB Standards across our Russian-speaking member jurisdictions.”
Aligned with the IFSB’s Strategic Performance Plan 2022-2024, this initiative has received support from the Islamic Development Bank (IsDB) through a Technical Assistance agreement signed in 2019 between the organisations. The primary objective of this collaboration is to facilitate the translation of IFSB standards that encompass the domains of Islamic banking, Islamic capital markets, and Islamic insurance (Takāful) into the Russian language –supporting the expansion of Islamic finance in countries where the Russian language is widely used.
The IFSB Council has recently granted approval for the inclusion of two new members including the admission of the Central Bank of the Russian Federation as an Associate member. This expansion underscores the IFSB’s commitment to fostering global collaboration and inclusivity within the Islamic finance sphere.
To date, the IFSB has taken proactive steps to ensure accessibility and comprehension by publishing a comprehensive suite of nine standards in the Russian language. These include critical aspects such as Liquidity Risk Management, Supervisory Review Process, and Core Principles for Islamic Finance Regulation (Banking Segment).
For more updates from IFSB and to download these newly translated standards, visit the IFSB website at www.ifsb.org.
