IslamicFinance.de

The Islamic Financial Services Board (IFSB) plans to tighten oversight of market practices and revise capital adequacy and disclosure requirements. The new disclosure requirements would cover financial but also sharia-compliance aspects, and may include guidance on specific sukuk formats such as convertible instruments and those used for regulatory-capital purposes. Islamic finance has now systemic importance in 11 countries, these include Qatar, Kuwait, Malaysia, Saudi Arabia and Brunei, with the latest entrant Djibouti. Bahrain and Jordan are close to achieving that status as well.