IFSB receives Technical Assistance (TA) Grant from the Islamic Development Bank to translate 10 IFSB standards into the Russian Language

11 December 2019, Dhaka, Bangladesh – The Islamic Financial Services Board (IFSB) and the Islamic Development Bank (IsDB) signed a Technical Assistance (TA) Grant agreement during the 20th Islamic Financial Stability Forum in Dhaka, Bangladesh on 10 December 2019. The TA from the IsDB to the IFSB is planned to be implemented over a period of three years starting 2019 to 2021.

The TA funds will support the translation of 10 IFSB standards covering the Islamic banking, Islamic capital market and Islamic insurance (takaful) sectors into the Russian language as part of the IFSB Strategic Performance Plan, with the aim of raising awareness and supporting the expansion of Islamic finance in countries where Russian language is widely used.

On this occasion, the IFSB Secretary-General, Dr. Bello Lawal Danbatta stated: “The IFSB is very appreciative of this assistance from the IsDB, which will allow the IFSB to support the growth and development of Islamic finance in the Russian speaking countries”. He further added that “the translation of IFSB standards into Russian will equip the relevant Regulatory and Supervisory Authorities with the necessary tools to effectively regulate and supervise the Islamic financial services industry, which will no doubt have a positive impact in laying the foundations for its gradual and orderly progress”. 

This assistance is the sixth TA from the IsDB to the IFSB since the IFSB started operations in 2003. Previous TAs grants were given to the IFSB in 2004, 2009, 2013, 2015 and 2018. The IsDB is a Full and Founding Member of the IFSB, and sits on the IFSB Council.

The 20th Islamic Financial Stability Forum hosted by Bangladesh Bank, was held on 10 December 2019 in Dhaka, Bangladesh and attended by central bank Governors and Deputy Governors of regulatory and supervisory authorities, and senior representatives from among the Council and Full members of the IFSB and Islamic Development Bank.

Copyright Press Releases 2019