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The IFSB Publishes the Russian Version of Three IFSB Standards on Guiding Principles on Liquidity Risk Management for Institutions offering Islamic Financial Services (IFSB-12), Revised Guidance on Key Elements In The Supervisory Review Process of Institutions Offering Islamic Financial Services (Excluding Islamic Insurance (Takāful) Institutions and Islamic Collective Investment Schemes) (IFSB-16), and Core Principles for Islamic Finance Regulation (Banking Segment) (IFSB-17)

Date posted: 12 July 2021

12 July 2021, Kuala Lumpur - The Islamic Financial Services Board (IFSB) is pleased to announce the release of the Russian version of three IFSB Standards on Guiding Principles on Liquidity Risk Management for Institutions offering Islamic Financial Services (IFSB-12), Revised Guidance on Key Elements In The Supervisory Review Process of Institutions Offering Islamic Financial Services (Excluding Islamic Insurance (Takāful) Institutions and Islamic Collective Investment Schemes) (IFSB-16), and Core Principles for Islamic Finance Regulation (Banking Segment)  (IFSB-17)).

Secretary-General of the IFSB, Dr. Bello Lawal Danbatta said, “The issuance of the Russian version of IFSB standards reflects the IFSB’s strong commitment to cater to the increasing interest and recognition of Islamic finance among the Russian-speaking jurisdictions around the world. The three newly translated Standards is another milestone on the path towards improving the implementation rates of the IFSB Standards in member countries.” He added that, “the translation of these three documents reflects the continued commitment of the IFSB to its members, and is part of the IFSB’s Strategic Performance Plan (SPP) 2019-2021. We will also take this opportunity to express our  gratitude to IsDB for  the continuous support to IFSB’s work thorough the technical assistance grant that enabled us to achieve this milestone” 

All IFSB Standards, Guidance and Technical Notes are issued in both English and Arabic languages. The IFSB is progressively translating the Standards, Guidance and Technical Notes into French and Russian, with a further three standards planned to be translated in 2022 into Russian. This translation initiative complements the other implementation activities including the country and regional workshops, technical assistance, policy advice, and the IFSB E-learning Portal.

Details of the newly translated documents are as follows:

IFSB-12: Guiding Principles on Liquidity Risk Management for Institutions offering Islamic Financial Services

These Guiding Principles endeavour to provide a set of principles for the robust management of liquidity risk by IIFS and its vigorous supervision and monitoring by the supervisory authorities, taking into consideration the specificities of the IIFS and complementing relevant existing and emerging international best practices. This document sets out 23 guiding principles in the area of liquidity risk management for IIFS (excluding (a) Islamic insurance (Takāful) institutions, and (b) Islamic collective investment schemes). Besides providing guidance on prudential aspects related to liquidity risk management in IIFS, this document outlines necessary elements of effective liquidity risk management in the Islamic financial services industry (IFSI).

IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process of Institutions Offering Islamic Financial Services (Excluding Islamic Insurance (Takāful) Institutions and Islamic Collective Investment Schemes)

The overall aim of this document is to revise and replace IFSB-5 in setting forth guidance on key elements in the supervisory review process for authorities supervising IIFS (excluding Islamic insurance (Takāful) institutions and Islamic collective investment schemes) taking into consideration the specificities of the IIFS, the lessons learned from the crisis, while complementing the existing international standards on the supervisory review process, in particular those of the BCBS. This document represents the views of the IFSB on (a) the IFSB Standards that the IIFS are expected to observe; and (b) the practices that supervisory authorities are expected to apply.

IFSB-17: Core Principles for Islamic Finance Regulation (Banking Segment)

The main objective of the CPIFR is to provide a set of core principles for the regulation and supervision of the IFSI, taking into consideration the specificities of the IIFS in the banking segment and the lessons learned from the financial crisis, and complementing the existing international standards, principally the BCBS’s Core Principles for Effective Banking Supervision (Basel Core Principles, or BCPs). The IFSB envisages that these Core Principles will be used by jurisdictions as a benchmark for assessing the quality of their regulatory and supervisory systems, and for identifying future work to achieve a baseline level of sound regulations and practices for Islamic finance.

The translation of the three standards is a part of a Technical Assistance (TA) agreement between IFSB and IsDB signed during the 20th Islamic Financial Stability Forum in Dhaka, Bangladesh on 10 December 2019. Its purpose is to support the translation of 10 IFSB standards covering the Islamic banking, Islamic capital market and Islamic insurance (Takāful) sectors into the Russian language as part of the IFSB Strategic Performance Plan, with the aim of raising awareness and supporting the expansion of Islamic finance in countries where Russian language is widely used.

IFSB-12, IFSB-16 and IFSB-17 documents in English, Arabic French and Russian are available for download on the IFSB website www.ifsb.org. The IFSB Secretariat will be delighted to receive any comments or feedback about the quality of the translated text at the following email address: translation@ifsb.org


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