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The IFSB Held a Series of Facilitating the Implementation of IFSB Standards (FIS) Initiatives Across its Global Members’ Jurisdictions

Date posted: 18 April 2022

18 April 2022, Kuala Lumpur – The Islamic Financial Services Board (IFSB) rolled out several Facilitating the Implementation of IFSB Standards (FIS) initiatives in March to propel the implementation of IFSB Standards across member jurisdictions.

The month started with a tailor-made joint program between the IFSB and the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) for the National Insurance Commission of Nigeria (NAICOM), carried out in two separate sessions; 2-3 March 2022 and 29-31 March 2022. The first session of the workshop was conducted virtually by the IFSB, aimed at introducing Takāful basics from a theoretical perspective to participants. The workshop was then extended to include discussions on IFSB-8 “Governance for Islamic Insurance (Takāful) Operations” and IFSB-11 “Solvency Requirements for Takāful (Islamic Insurance) Undertakings”. The second session on the other hand, was organized by AAOIFI via hybrid mode in Lagos, Nigeria, which focused on reporting requirements for Takāful-Insurance operators. It covered an in-depth discussion on the Segmentation in Accounts Presentation and Reporting, Disclosure of Accounting Policies, Shariah Compliant Investment and the Reporting of Expenses/Income, Illustrative Financial Statements and Regulatory Requirements.

Another virtual workshop was conducted for the National Bank of Tajikistan on 9-11 March 2022, which focused on IFSB-15 in designing effective Capital Adequacy (CA) regulatory framework within their supervisory and regulatory jurisdiction. The workshop, which was attended by more than 40 participants, offered a special coverage for Islamic windows operations as well to accommodate the needs of the regulators of Islamic banking in Tajikistan.

The next workshop to follow was customised for The Securities and Exchange Commission of Pakistan (SECP) conducted from 16 to 17 March 2022, diving deeper into two of IFSB standards related to Islamic capital markets. The two standards were IFSB-24 “Investor Protection in Islamic Capital Markets”, as well as IFSB-19 “Disclosure Requirements for Islamic Capital Market Products”. The SECP benefited from this workshop and reaffirmed IFSB’s role in promoting and enhancing the soundness and stability of the global Islamic financial services industry, catalysing SECP’s passion, aggressiveness and progressiveness about furthering the Islamic finance in Pakistan.

Lastly, another FIS workshop was conducted that was open to all IFSB members, focused on "Core Principles for Effective Islamic Deposit Insurance Systems" (CPIDIS). CPIDIS is a mutual standard between the IFSB and IADI issued in 2021. More than 90 participants from various jurisdictions attended the workshop and enriched the discussion with their constructive comments and inquisitive questions.

The IFSB FIS workshop series will continue for the next months to come, revolving discussions around other IFSB standards across the three segments; Islamic banking, Islamic Capital Markets and Takāful.

Apart from workshops, the Implementation team held several meetings with member organisations from Regulatory and Supervisory Authorities (RSAs) to line up more implementation initiatives for the year. The IFSB’s implementation activities are offered as Membership benefits to facilitate in implementing IFSB standards.