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    IFSB Publishes FAQs for Islamic Finance Standards

    November 30, 2020

    IFSB published a set of frequently asked questions (FAQs) that provide additional guidance on four IFSB standards. These standards are IFSB-3 on guiding principles on corporate governance for institutions offering only Islamic financial services, IFSB-6 on guiding principles on governance for Islamic Collective Investment Schemes (ICIS), IFSB-14 on risk management for Takāful (insurance) undertakings, and a relatively new IFSB standard TN-3 on technical note on financial inclusion and Islamic finance. The FAQs present clarifications and explanative directions on the standards.

    The FAQs for IFSB-3 explains, among other things, the main principles on establishing a comprehensive governance policy framework for institutions offering Islamic financial services, provides insights on best practices for the governance committee in the institutions offering Islamic financial services and managing investment account holders. The FAQs for IFSB-14 are developed to address the risks specific to Takāful and Sharī`ah specificities in risk management process for takāful undertakings as well as the key elements of the supervisory review process are also covered. The FAQs for TN-3 gives explanatory notes to definition of financial inclusion on Islamic finance, its specificities, its compliance with regulatory requirements and some contemporary challenges.

    IFSB announced holding an Innovation Forum on digital transformation of Islamic finance and other innovative solutions for post-COVID-19 recovery on November 30, 2020. The key topics of the discussion include sustainable Sukūk to Aid COVID-19 recovery and “Sovereign Green Sukūk and Cash Awqaf Linked Sukūk issuance.” In addition, IFSB announced conducting Islamic Financial Stability Forum on December 16, 2020 to discuss the implications of COVID-19 to the stability of Islamic financial services industry.

     

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    Keywords: International, Banking, Insurance, Securities, FAQ, Governance, ESG, Collective Investment Schemes, Islamic Finance, COVID-19, IFSB

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