General Information & Client Service
  • Americas: +1.212.553.1653
  • Asia: +852.3551.3077
  • China: +86.10.6319.6580
  • EMEA: +44.20.7772.5454
  • Japan: +81.3.5408.4100
Media Relations
  • New York: +1.212.553.0376
  • London: +44.20.7772.5456
  • Hong Kong: +852.3758.1350
  • Tokyo: +813.5408.4110
  • Sydney: +61.2.9270.8141
  • Mexico City: +001.888.779.5833
  • Buenos Aires: +0800.666.3506
  • São Paulo: +0800.891.2518
March 28, 2018

IFSB issued three Exposure Drafts covering standards in Islamic banking, Islamic capital markets, and Islamic insurance (takāful) sectors. The Exposure Draft ED-22 is on the revised standard on disclosures to promote transparency and market discipline for institutions offering Islamic financial services in the banking sector. ED-21 is on the core principles for Islamic finance regulation in the Islamic capital markets segment. In the insurance sector, IFSB is consulting on ED-20, which addresses key elements in the supervisory review process of takāful/retakāful Undertakings. The consultations end on May 28, 2018.

IFSB invited comments from regulatory and supervisory authorities, international organizations, institutions offering Islamic financial services, academics, and interested members of the public. The following are the key objectives of these Exposure Drafts:

  • ED-22 is a revision of IFSB-4 on  Disclosures to Promote Transparency and Market Discipline for Institutions offering Islamic Financial Services in the banking sector, which was issued in 2007. It brings IFSB-4 in line with the updated framework for Pillar 3 on disclosure requirements, which was issued by BCBS in January 2015 and March 2017. 
  • ED-21 is intended to provide a set of core principles for the regulation and supervision of the Islamic capital market, taking into consideration the specificities of Islamic finance, while complementing the existing international standards, principally the IOSCO Objectives and Principles of Securities Regulation and its Methodology (May 2017).
  • ED-20 provides guidance on the implementation of common approaches to the supervision of the takāful/retakāful industry, while addressing the specificities of the takāful/retakāful undertakings. The aim is to promote the international harmonization of supervision while enhancing cooperation among supervisors.


Related Links

Comment Due Date: May 28, 2018

Keywords: International, Banking, Insurance, Securities, Islamic Financial Services Industry, ED 20, ED 21, ED 22, Islamic Banking, IFSB

Related Articles
News

EBA Single Rulebook Q&A: Third Update for March 2019

EBA published answers to seven questions under the Single Rulebook question and answer (Q&A) updates for this week.

March 15, 2019 WebPage Regulatory News
News

OCC Updates Recovery Planning Booklet of the Comptroller's Handbook

OCC updated the Recovery Planning booklet of the Comptroller’s Handbook.

March 15, 2019 WebPage Regulatory News
News

EBA Publishes Report on Convergence of Supervisory Practices Across EU

EBA published annual report on the convergence of supervisory practices in EU.

March 14, 2019 WebPage Regulatory News
News

CPMI-IOSCO Publish Update to Level 1 Assessment of PFMI Implementation

CPMI and IOSCO jointly updated the Level 1 Assessment Online Tracker on monitoring of the implementation of the Principles for financial market infrastructures (PFMI).

March 14, 2019 WebPage Regulatory News
News

Agustín Carstens of BIS Speaks About New Role of Central Banks

While speaking at the 20th anniversary conference of the Financial Stability Institute (FSI), Agustín Carstens, the General Manager of BIS, highlighted the need for regulatory actions in light of the continued evolution of financial technology.

March 14, 2019 WebPage Regulatory News
News

PRA Publishes Policy Statement on Group Supervision Under Solvency II

PRA published a policy statement (PS9/19) that provides feedback on responses to the consultation paper CP15/18 and the final supervisory statement SS9/15 (Appendix) on group supervision under Solvency II.

March 14, 2019 WebPage Regulatory News
News

ECB Announces Start Date for Euro Short-Term Rate

ECB announced that it will start publishing the euro short-term rate (€STR) as of October 02, 2019, reflecting the trading activity of October 01, 2019.

March 14, 2019 WebPage Regulatory News
News

PRA Proposes to Update the Pillar 2 Capital Framework for Banks

PRA is proposing (CP5/19) to update the Pillar 2 capital framework to reflect continued refinements and developments in setting the PRA buffer (Pillar 2B).

March 13, 2019 WebPage Regulatory News
News

PRA Publishes Policy Statement Related to Credit Risk Mitigation

PRA published a policy statement (PS8/19) that contains the final policy in the updated supervisory statement SS17/13 on credit risk mitigation (Appendix 1) as well as the statement SS31/15 on Internal Capital Adequacy Assessment Process (ICAAP) and the Supervisory Review and Evaluation Process or SREP (Appendix 2).

March 13, 2019 WebPage Regulatory News
News

FED Updates Supplemental Information and Q&A for Form FR Y-14

FED updated the supplemental instructions and the questions and answers (Q&A) document for the information collection on capital assessments and stress testing, which is covered by the reporting form FR Y-14A.

March 13, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 2750