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The Islamic Financial Services Board (IFSB) and International Shari’ah Research Academy for Islamic Finance (ISRA) have successfully organised a Shari’ah Roundtable themed, ‘Financial Safety Nets: Striking a Balance between Shari’ah Requirements and the Soundness of the Islamic Financial System’. The Roundtable was held on 5 November 2015 in Kuala Lumpur, Malaysia.
The Roundtable aimed to provide a platform to Shari’ah scholars, legal practitioners, regulators and market players for having in-depth deliberations on key aspects of financial safety nets such as Lender of the Last Resort (LOLR) and Deposit Insurance Schemes from the Shari’ah perspective.
Over 70 delegates from nine jurisdictions among the IFSB members and non-member organisations – representatives from market players, regulatory bodies, and international agencies – Shari’ah scholars as well as academia attended this Roundtable.

The Islamic Financial Services Board (IFSB) is at the moment in the process of revising its Capital Adequacy Standard for institutions offering Islamic financial services (IIFS), which was launched in 2005.
Mr. Jaseem Ahmed, Secretary-General at IFSB, noted that their revision process started in January 2011. He highlighted the fact that the adoption of components of capital proposed by the Basel III for IIFS need further deliberations by the stakeholders of the Islamic financial services industry.
The final draft of the revised document is forseen for issuance by the IFSB Council in 2013.