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The IFSB Developed New Strategic Performance Plan 2022 – 2024

Date posted: 10 December 2021

10 December 2021, Abu Dhabi, United Arab Emirates - The Council of the Islamic Financial Services Board (IFSB) approves the new Strategic Performance Plan (SPP) 2022 – 2024 that aims to expand and strengthen the IFSB’s work plan in response to increasing aspirations and expectations of IFSB members, and to meet the demands in supporting the growth, resilience and stability of the Islamic financial services industry (IFSI) amidst the evolving global financial industry challenges. The SPP 2022-2024 was approved by the IFSB Council in its 39^th meeting held on 9 December in Abu Dhabi, hosted and chaired by H.E. Khaled Mohamed Balama, Governor of the Central Bank of the United Arab Emirates and IFSB Council Chairman 2021.

The SPP 2022-2024 retains the strategic framework of the SPP 2019-2021 with enhanced focus on greater quality of outputs, greater industry impact, enhanced engagement with the IFSB members and industry as well as greater integrated sustainability of financial and human resources that are meant to deliver these aspirations and expectations of members with robust short-to-medium-term strategies. The new SPP also comes with several new outputs as an outcome from the benchmarking analysis, transformation plan and outstanding guidance from the Council,  Executive Committee and Technical Committee members of the IFSB.

The SPP 2022-2024 continue to focus on four Strategic Key Result Areas (SKRAs) as follows:

SKRA 1: Formulation and Issuance of Prudential Standards, Research and Statistics;
SKRA 2: Facilitating the Implementation of Prudential Standards and Capacity Development;
SKRA 3: Increasing Value in the IFSB Membership, Global Visibility and Attractiveness;
SKRA 4: Efficient Management of Resources with Good Corporate Governance Practices

SKRA 1 is related to the IFSB’s key mandate of Standards Development that focuses on increasing the efficiency to deliver timely relevant standards and quality research outputs as well as comprehensive industry growth statistics/analysis.

SKRA 2 on facilitating the Implementation and Adoption of IFSB Standards, looks at the enhanced IFSB’s initiatives in comparison with member’s expectations in overcoming the various challenges related to implementation of IFSB standards in member jurisdictions, and proposes strategies to align the work of the IFSB with its comparators. 

SKRA 3 focuses on greater Membership Engagement and Participation as well as the IFSB’s Attractiveness. The SKRA emphasises on the collaboration and strategic partnerships to increase the global visibility of the IFSB and its corporate image, and includes joint cooperation for events and publications, as well as strengthening the IFSB’s positive reputation, prestige and credibility in the global financial system.

SKRA 4 focuses on enhancing the IFSB’s overall productivity and efficiency, through the effective management of human resources, pursuing financial sustainability, strengthening the governance procedures and enhancing internal controls with strong organisational culture.

The SKRAs are KPI’s based, and are reflected in 12 Outcomes and 27 Outputs in order to operationalise the organisation’s strategic objectives as stated in the IFSB’s Articles of Agreement. They also embodied the IFSB’s Core Values of Accountability, Collaboration, Responsiveness and Integrity.

The 39^th meeting of the IFSB Council, hosted by Central Bank of the United Arab Emirates was held on 9 December 2021 in Abu Dhabi, United Arab Emirates and via online. The Council Meeting was chaired by H.E. Khaled Mohamed Balama, Governor of Central Bank of the United Arab Emirates and Chairman of the IFSB for 2021, attended by the Central Bank Governors, Deputy Governors, Heads of regulatory and supervisory authorities, senior representatives from among the Council and Full members of the IFSB, representing 22 countries.