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New guidance for the Islamic financial services industry

  • Islamic accounting Image

07 Apr 2015

The Council of the Islamic Financial Services Board (IFSB) has resolved to approve the adoption of one new Standard and one new Guiding Note.

The most recent meeting of the IFSB Council, hosted by Bank Indonesia on 2 April 2015, saw the adoption of IFSB-17 Core Principles for Islamic Finance Regulation (Banking Segment) and GN-6 Guidance Note on Quantitative Measures for Liquidity Risk Management in Institutions Offering Islamic Financial Services (Excluding Islamic Insurance (Takāful) Institutions and Islamic Collective Investment Schemes).

The main objective of IFSB-17 is to provide a set of core principles – along with associated assessment methodology – for the regulation and supervision of the Islamic financial services industry (IFSI), taking into consideration the specificities of the institutions offering Islamic financial services (IIFS) in the banking segment, the lessons learned from the financial crisis, and complementing the existing international standards, principally the Core Principles for Effective Banking Supervision issued by the Basel Committee on Banking Supervision.

GN-6 aims to complement global liquidity standards such as Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) as well as other developments on liquidity risk management for the Islamic financial services industry (IFSI).

Please click more more information on the IFSB website:

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