Kuala Lumpur, 30 December 2023 – The Islamic Financial Services Board (IFSB) is delighted to announce the release of its Impact and Consistency Assessment Programme (ICAP) Handbook for the Islamic Banking sector as well as Assessment Templates. These documents are crucial elements 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 ICAP Handbook outlines the procedures and methodologies for evaluating the implementation of IFSB Islamic banking standards, focusing on completeness, consistency, and impact It includes various assessment templates customised to specific IFSB Islamic banking standards.
Dr. Bello Lawal Danbatta, the Secretary-General of the IFSB, highlighted, “The ICAP handbook and assessment templates have been developed to enable RSAs to identify any regulatory gaps arising from discrepancies in local regulations or practices, or inconsistencies with IFSB standards. Additionally, the ICAP also provides a framework for measuring the impact of implementing IFSB standards recognising the challenge of achieving consistency across diverse standards and jurisdictions. The findings of the ICAP will spotlight identified gaps or deviations in domestic regulations and provide recommendations for closing these gaps.”
Dr. Bello further noted that the attainment of the IFSB’s overarching mission is based on the successful and effective implementation of its standards and that the IFSB Secretariat remains committed to producing documents that help member jurisdictions in this regard.
For more updates from IFSB and to download the ICAP Handbook and Assessment Templates, visit our website at www.ifsb.org.
