IslamicFinance.de

The Council of the Islamic Financial Services Board (IFSB) has resolved to approve the adoption of a new Standard in its 24th Meeting in Brunei Darussalam on 27 March 2014. The document is IFSB-16: Revised Guidance on Key Elements in the Supervisory Review Process of Institutions Offering Islamic Financial Services (Excluding Islamic Insurance (Tak?ful) Institutions and Islamic Collective Investment Schemes). The overall aim of the revised Standard is to update the earlier standard on this subject (IFSB-5). IFSB-16, which is broadly analogous to Pillar 2 of the Basel Accords, is about the supervisory process and how regulatory and supervisory authorities should supervise some specific areas pertinent to the IIFS. The softcopy of IFSB-16 will be available on the IFSB website, www.ifsb.org in due course.