IFSB to Review Framework and Strategy for Islamic Finance
IFSB and the Islamic Development Bank (IsDB) are initiating final review of the ten-year framework and strategy project for the Islamic financial services industry. The key objective of the final review is to assess the progress and current status of the priorities and initiatives recommended in the “Ten Year Framework (2007)” and “Mid-Term Review (2014)" over the past 10 years and to provide roadmap for the industry. The project will cover Islamic banking, capital markets, insurance (takāful), microfinance, and any other non-banking financial institutions. This final review project will also provide a basis for developing new strategies and framework for the Islamic financial services industry.
The IFSB Secretary-General Dr. Bello Lawal Danbatta stated that the recommendations from the final review will be useful in ensuring the soundness, stability, and resilience of the Islamic financial services industry, especially in light of the implications of COVID-19 and the resulting digital transformation of operations, supervision, and regulation. In August 2020, IFSB also organized its first virtual "CEO's forum" to discuss COVID-19 and its implications for the Institutions offering Islamic Financial Services. The forum aimed to bring together industry leaders across the globe from different sectors to discuss the experiences and challenges created by COVID-19 pandemic. Another objective of the forum was to discuss the actions needed to strengthen resilience of the Islamic financial services industry and the ways forward for the Islamic-institution-post-COVID-19 environment.
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Keywords: International, Banking, Insurance, Securities, Ten-Year Framework, COVID-19, Islamic Banking, Islamic Insurance, ISDB, Islamic Financial Services Industry, IFSB
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