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Press Release > 2018

The IFSB Launches Two New E-Learning Modules on Governance for Takāful, and Conduct of Business for Islamic Financial Institutions

Date posted: 18 January 2018

Kuala Lumpur, 18 January 2018 – The Islamic Financial Services Board (IFSB) is pleased to announce the launch of two new modules on the IFSB’s FIS E-learning Portal. The modules are for IFSB-8: Guiding Principles on Governance for Takāful Undertakings and, IFSB-9: Guiding Principles on Conduct of Business for Institutions offering Islamic Financial Services (IIFS).

“With the addition of two new modules, the FIS E-Learning Portal now offers borderless learning experience for nine IFSB Standards covering the Islamic banking, Takaful and Islamic capital market segments. Participants from more than 13 countries are already benefiting from the E-Learning Portal, which is an initiative made possible by the continued support of the Asian Development Bank.” said Mr. Zahid ur Rehman Khokher, Acting Secretary-General of the IFSB.

Mr Zahid further mentioned: “The E-Learning Portal provides on-demand access to capacity development material for enhancing knowledge and understanding of the IFSB Standards for the practitioners in Islamic financial services industry. This Portal offers users a comprehensive learning and knowledge management suite with a number of interactive features such as scenario-based learning, audios and self-assessments.”

Details of the new modules are as follows:

A. IFSB-8: Guiding Principles on Governance for Takāful Undertakings

IFSB-8 provides guiding principles on governance for Takāful undertakings, addressing unique corporate governance elements of Takāful sector, thus promoting consumer protection and enhancing risk disclosure. The Standard, which was issued in 2009, complements the existing internationally recognised frameworks and promotes striking a balance between the interests and fair treatment of all stakeholders in Takāful undertakings.

B. IFSB-9: Conduct of Business for IIFS

IFSB-9, published in 2009, highlights the appropriate perspectives on conduct of business issues specific to Islamic finance, and seeks to complement and reinforce, wherever applicable, the various existing internationally recognised conduct of business frameworks. The Guiding Principles presented in IFSB-9 include principles related to truthfulness, honesty and fairness, due care and diligence, information to clients, conflicts of interest and of duty and Sharī`ah compliance, and are applicable to all institutions offering Islamic financial services – including banking, Takāful or capital market segments, as well as Islamic “windows” of conventional institutions.

The IFSB’s FIS E-learning Portal aims to facilitate the implementation, and assist in the understanding, of the IFSB Standards by member countries and industry stakeholders, and complements the existing IFSB implementation programmes, including workshops (country, regional and customised), technical assistance and policy advice, translations of standards into Arabic and French as well as outreach programmes. Users are also able to print personalised certificates upon completing the assessment for each module.

The FIS E-Learning Portal is available to both IFSB member and non-member organisations by subscription. More details about the Portal can be found at www.ifsb.org/elearning.php

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