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Statement by the Islamic Financial Services Board on the Situation Related to the Coronavirus Disease 2019 (COVID-19)

Date posted: 10 March 2020

10 March 2020, Kuala Lumpur - The Islamic Financial Services Board (IFSB) is closely monitoring the current regional and global situation, the human tragedies related to the Coronavirus Disease 2019 (COVID-19) and the quarantine imposed by many countries as well as the advisory issued by the World Health Organisation (WHO). The IFSB will keep monitoring the developments related to the Coronavirus Disease 2019 (COVID-19).  The IFSB’s objective is to serve our members effectively including the continuity of the work plan 2020 whilst ensuring the health and safety of all stakeholders and staff.

Due to the growing health concerns related to the virus, the IFSB has agreed to implement the following plan:

  • Postpone all physical Facilitating the Implementation of Standards (FIS) Workshops until further notice, and exploring the actions to increase the Implementation support.
  • The introduction of virtual formats for all workshops, technical meetings and other activities.
  • Initiatives to assess and review the financial stability implications of COVID-19 on the global Islamic financial services industry particularly on our members’ jurisdictions will be conducted.
  • The activation of a dedicated IFSB support line for delegates /members /participants / public which would provide up to date information and assistance related to IFSB’s meeting, events calendar, and IFSB’s latest activities and information surrounding the Coronavirus Disease 2019 (COVID-19). The IFSB Support line will be accessible from 9.30am till 5.30pm (Malaysia Time) Monday to Sunday on +60 12 237 2642.
  • Introduction and enforcement of the IFSB Secretariat’s travel policy, health and safety campaign for COVID-19. 

The IFSB remains fully committed to maintaining a productive engagement with our members and assuring the continuity of our work streams to promote the development of a prudent and transparent Islamic financial services industry and provide guidance for the effective supervision and regulation of institutions offering Islamic financial services. As the spread of the Coronavirus Disease 2019 (COVID-19) and its impact continues to evolve, the IFSB will adapt its approach and resources as needed.

The IFSB appreciates the continuous support and understanding of all its members at this time and always.

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