In response to the growing significance of the Islamic financial services industry in many countries, the Islamic Development Bank (IDB) and the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) along with a group of central banks’ governors and senior officials have agreed to establish the Islamic Financial Services Board (IFSB).
The decision to set up the IFSB is the culmination of an extensive two-year consultative process initiated by governors and coordinated by the International Monitory Fund (IMF), in collaboration with the IDB and AAOIFI. The IMF has convened several consultative meetings to facilitate the exchange of views among governors on the objectives and structure of the IFSB.
Headquartered in Kuala Lumpur, Malaysia, the IFSB will serve as an association of institutions that have responsibility for the regulation and supervision of the Islamic financial services industry. It will set and disseminate standards and core principles as well as adapt existing international standards for supervision and regulation, consistent with the Sharia'a principles governing the industry. — (menareport.com)
© 2002 Mena Report (www.menareport.com )