IFSB Publishes FAQs for Four Islamic Finance Standards
IFSB published a set of frequently asked questions (FAQs) that provide additional guidance on four IFSB standards. These standards are the revised IFSB-19 on guiding principles on disclosure requirements for Islamic capital market products, IFSB-20 on key elements in the supervisory review process of Takâful/Retakâful undertakings, IFSB-21 on core principles for Islamic finance regulation, and IFSB-22 on disclosures to promote transparency and market discipline for institutions offering Islamic financial services (banking segment). The FAQs present explanatory notes to some of the technical text and interpretation of certain provisions of the respective standards, with FAQs for IFSB-20 providing guidance on supervisory follow-up, Sharīʻah governance, model and framework of Takāful operators, and supervisory approach on Takāful windows operation.
Related Links
- Press Release
- FAQs for IFSB-19 (PDF)
- FAQs for IFSB-20 (PDF)
- FAQs for IFSB-21 (PDF)
- FAQs for IFSB-22 (PDF)
Keywords: International, Banking, Insurance, Securities, Disclosures, Islamic Banking, Islamic Insurance, FAQ, IFSB
Previous Article
RBI Consults on Large Exposure Limits for Co-operative BanksNext Article
PBC Fintech Committee Outlines Work Plans for 2020Related Articles
EBA Proposes Standards for IRRBB Reporting Under Basel Framework
The European Banking Authority (EBA) proposed implementing technical standards on the interest rate risk in the banking book (IRRBB) reporting requirements, with the comment period ending on May 02, 2023.
FED Issues Further Details on Pilot Climate Scenario Analysis Exercise
The U.S. Federal Reserve Board (FED) set out details of the pilot climate scenario analysis exercise to be conducted among the six largest U.S. bank holding companies.
US Agencies Issue Several Regulatory and Reporting Updates
The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.
ECB Issues Multiple Reports and Regulatory Updates for Banks
The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.
HKMA Keeps List of D-SIBs Unchanged, Makes Other Announcements
The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.
EU Issues FAQs on Taxonomy Regulation, Rules Under CRD, FICOD and SFDR
The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.
CBIRC Revises Measures on Corporate Governance Supervision
The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.
HKMA Publications Address Sustainability Issues in Financial Sector
The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.
EBA Updates Address Basel and NPL Requirements for Banks
The European Banking Authority (EBA) published regulatory standards on identification of a group of connected clients (GCC) as well as updated the lists of identified financial conglomerates.
ESMA Publishes 2022 ESEF XBRL Taxonomy and Conformance Suite
The General Board of the European Systemic Risk Board (ESRB), at its December meeting, issued an updated risk assessment via the quarterly risk dashboard and held discussions on key policy priorities to address the systemic risks in the European Union.
