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Press Release > 2017

The IFSB and ISRA Launch Joint Publication on Sharīʻah Requirements Related to Financial Safety Nets

Date posted: 23 October 2017

23 October 2017, Abu Dhabi – The Islamic Financial Services Board (IFSB) and International Shari’ah Research Academy for Islamic Finance (ISRA) are pleased to announce that the printed copy of the joint publication titled “Financial Safety Nets: Striking a Balance Between Sharī‘ah Requirements and the Soundness of the Islamic Financial System” was launched at the IFSB Summit 2017 on 23 October 2017 in Abu Dhabi.

The book discusses two pertinent issues related to financial safety nets, i.e. i) Sharī‘ah-compliant lender-of-last resort facilities and ii) Sharī‘ah-compliant structures for a deposit insurance scheme. It concludes with a summary of the discussions and recommendations and future directions for moving forward.

The development of and issues surrounding financial safety nets is a subject closely linked to the mandate and operations of the IFSB to promote the stability and resilience of Islamic finance globally. Similarly, as the premier Sharī‘ah research centre in Islamic finance, ISRA focuses on developing synergies between Sharī‘ah experts and industry practitioners with an objective to produce research that is relevant to the market needs. The publication of this book is timely in view of the rapid growth of the Islamic finance industry, and the corresponding need to provide the Sharī‘ah and related basis to facilitate policy making in this area.

It is hoped that this publication, which encapsulates the combined knowledge of the distinguished scholars, industry practitioners and academics, will be a useful resource for better understanding of the Sharī‘ah issues related to safety nets and a valuable reference for jurisdictions and organisations that aim to better understand and develop these important facilities in order to strengthen their respective financial frameworks.

This publication is a compilation of the papers presented by distinguished Sharī‘ah scholars during the joint IFSB-ISRA Roundtable on “Financial Safety Nets: Striking a Balance between Sharī‘ah Requirements and the Soundness of the Islamic Financial System”, which was held in Kuala Lumpur on 5 November 2015. It also includes summaries of two IFSB Working Papers issued on the subject of financial safety nets.

The softcopy of the book is downloadable via the organisations’ respective websites:
IFSB website: www.ifsb.org
ISRA website: www.isra.my

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