IFSB Secretariat issues the first edition of the Implementation Guidelines Report for 2020

Kuala Lumpur, 6 July 2021 - The Islamic Financial Services Board (IFSB) is pleased to announce its issuance of  the First Implementation Guidelines (IG) Report for 2020, developed as the IFSB’s standards implementation supporting initiative for IFSB Member jurisdictions.

The IG report reflects the development of the Islamic financial services industry (IFSI) and the implementation of key prudential requirements based on IFSB standards within four jurisdictions – Bahrain, Jordan, Oman and Kazakhstan. While the IG project is designed to create an easy pass for member jurisdictions that are willing to promote the IFSI and implement the IFSB standards, this report itself is a documented practice of basic implementation steps by Regulatory and Supervisory Authorities (RSAs) with high IFSB standards implementation rates.

This report focuses on key areas that led to the development of Islamic banking in Bahrain, Jordan, Oman and Kazakhstan, such as Legislation and Laws, Shari’ah Governance, Development of Liquidity Management Infrastructure, Financial Safety Nets, Effective Crisis Management and Resolution Framework, Disclosure requirements, Governance, Accounting and Auditing, and others.