IFSB adopts two new prudential standards for the Islamic financial services industry. IFSB membership continues to expand
1.Capital Adequacy Requirements for Sukuk Securitisation and Real Estate Investment
2.Guiding Principles on Governance for Islamic Collective Investment Scheme
Both documents will be available for download from the IFSB website by the end of 2008.
The IFSB membership has continued to attract interest from institutions offering Islamic financial services. The Council resolved in the same meeting to admit 4 new institutions into the IFSB membership bringing the total members to 178.
The four newly admitted members are:
1. Cagamas Berhad, Malaysia
2. Arbah Capital, Saudi Arabia
3. Absa Bank Limited, South Africa
4. Al Hilal Bank, United Arab Emirates
Secretary General of the IFSB, Professor Rifaat Ahmed Abdel Karim, stated that the two adopted standards together with the already issued five prudential standards when properly implemented should enhance the soundness and stability of the Islamic financial services industry. Professor Abdel Karim further added that the 178 members provide a pool of resources and expertise that greatly assist in the development of the IFSB standards and guiding principles by their participation in the working groups, response to surveys, feedback on exposure drafts, and attendance of the various workshops and seminars.
The full list of the 178 IFSB members can be seen on www.ifsb.org. Their roles and responsibilities (by category) are detailed in the IFSB Articles of Agreement which is downloadable from the IFSB website.
The IFSB is an international standard-setting organisation that promotes and enhances the soundness and stability of the Islamic financial services industry by issuing global prudential standards and guiding principles for the industry, broadly defined to include banking, capital markets and insurance sectors.
For more information about the IFSB, please visit www.ifsb.org
Tel: + 603 2698 4248 ext 119
Islamic Financial Services Board
Kuala Lumpur - Malaysia
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