Two-month public consultation covering standards in Islamic banking, Islamic capital markets and Takaful sectors

The Islamic Financial Services Board has issued three exposure drafts for a two-month Public consultation period starting March 282 following the approval of the IFSB Technical Committee in its 44th Meeting held in Bandar Seri Begawan.

The IFSB is inviting comments from regulatory and supervisory authorities, international organisations, institutions offering Islamic financial services , academics, and interested members of the public. The three drafts cover topics in different Islamic finance sectors.

They are:

(i)     ED-20: Key Elements in the Supervisory Review Process of Takaful/Retakaful Undertakings

(ii)   ED-21: Core Principles for Islamic Finance Regulation [Islamic Capital Market Segment

(iii)   ED-22: Revised Standard on Disclosures to Promote Transparency and Market Discipline for Institutions Offering Islamic Financial Services (IIFS) [Banking Segment]

The IFSB will be organising a public hearing for drafts April 10 in Jakarta, Indonesia, which aims to provide industry stakeholders greater understanding of the three draft documents, as well as to solicit feedback on their contents, prior to their final submission to the IFSB Council in December 2018. A webinar on the three drafts will also be held in May 2018, details of which will be announced in due course.

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