30 December 2020, Kuala Lumpur - The Islamic Financial Services Board (IFSB) is pleased to announce the release of the Russian version of three IFSB Standards, namely, Guiding Principles of Risk Management for Institutions (Other Than Insurance Institutions) Offering Only Islamic Financial Services (IIFS) (IFSB-1), Guiding Principles for Retakāful (Islamic Reinsurance) (IFSB-18) and Guiding Principles on Disclosure Requirements for Islamic Capital Market Products (Ṣukūk and Islamic Collective Investment Schemes) (IFSB-19).
Secretary-General of the IFSB, Dr. Bello Lawal Danbatta said, “the issuance of the Russian version of IFSB standards reflects the IFSB’s strong commitment to cater to the increasing interest and recognition of Islamic finance among the Russian-speaking jurisdictions around the world. The three newly translated Standards are other milestones on the path towards improving the implementation rates of the IFSB Standards in the member countries.” He added that, “the translation of these three documents reflect the continued commitment of the IFSB to increase the implementation of the standards among its members, and is part of the IFSB’s Strategic Performance Plan (SPP) 2019-2021.”
All IFSB Standards, Guidance and Technical Notes have been issued in both English and Arabic languages. The IFSB is then progressively translating the Standards, Guidance and Technical Notes into Russian language, with a further three standards planned to be translated into Russian language in 2021. This translation initiative complements the other implementation activities including the country and regional workshops, technical assistance, policy advice and discussions, and the IFSB E-learning portal.
Details of the newly translated documents are as follows:
IFSB-1: Guiding Principles of Risk Management for Institutions (other than Insurance Institutions) offering only Islamic Financial Services (IIFS)
It sets out fifteen principles of risk management for institutions (other than insurance institutions) offering only Islamic financial services (IIFS) and serves to complement the BCBS’s guidelines in order to cater for the specificities of IIFS.
IFSB-18: Guiding Principles for Retakāful (Islamic Reinsurance)
The standard focuses primarily on Retakāful at the level of the individual entity. With suitable modifications, the principles may be applied in respect of group-wide Retakāful activities as well as for RTUs (retakaful undertakings) operating in different jurisdictions.
IFSB-19: Guiding Principles on Disclosure Requirements for Islamic Capital Market Products (Ṣukūk and Islamic Collective Investment Schemes)
The standard is aimed at those ṣukūk that represent proportional, undivided ownership right in tangible assets, or a pool of tangible assets and other types of assets, and at ICIS that invest in transferable securities. It covers the main stages of disclosure – that are, initial, ongoing (periodic and immediate) and point-of-sale disclosure, as they are applicable to ṣukūk and ICIS.
The translation of the three standards is a part of a Technical Assistance (TA) agreement between IFSB and IsDB, signed during the 20th Islamic Financial Stability Forum in Dhaka, Bangladesh on 10 December 2019. Its purpose is to support the translation of 10 IFSB standards covering the Islamic banking, Islamic capital market and Islamic insurance (takāful) sectors into the Russian language as part of the IFSB Strategic Performance Plan, with the aim of raising awareness, applicability and supporting the expansion of Islamic finance in countries where Russian language is widely used.
IFSB-1, IFSB-18 and IFSB-19 documents in English, Arabic, French and Russian are available for download on the IFSB website www.ifsb.org. The IFSB Secretariat will be delighted to receive any comments or feedback about the quality of the translated text at the following email address: [email protected]
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