IFSB released the Summaries of public consultation comments received for the Exposure Drafts of Technical Note on Stress Testing for Institutions offering Islamic Financial Services (TN-2) and Guiding Principles for Disclosure Requirements for Islamic Capital Market Products (IFSB-19). The comments are summarized based on their main themes and segregated by the sections of the respective Standard/Technical Note. The corresponding IFSB response/actions to the comments are also listed alongside.
The public consultation period for the Exposure Draft of TN-2 was March 21 to June 21, 2016, while consultation period for the Exposure Draft of IFSB-19 was October 31 to December 31, 2016. The release of these summaries of comments, along with the corresponding IFSB Secretariat actions in the respective Standard/Technical Note, is in line with the revised “Guidelines and Procedures for the Preparation of Standards and Guidance/Technical Notes – April 2016,” which stipulate that the Secretariat may publish on the IFSB’s website a summary of the feedback received during the public consultation period, along with any responses by the Secretariat. Commenting on this release, Acting Secretary-General of the IFSB, Mr. Zahid ur Rehman Khokher, stated that, “These initiatives are part of the ongoing efforts by the IFSB to further enhance transparency and inclusiveness in its standards-setting process. In selecting a style of releasing these summaries, the IFSB has benchmarked to the style-preferences of its counterpart international standard-setting bodies.”
Keywords: International, IFSB, Banking, Securities, Islamic Finance, Stress Testing, Disclosure Requirements
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