IFSB Standards

The Islamic Financial Services Board (IFSB), based in Kuala Lumpur, serves as an international standard-setting body of regulatory and supervisory agencies that have vested interest in ensuring the soundness and stability of the Islamic financial services industry, which is defined broadly to include banking, capital market and insurance. In advancing this mission, the IFSB promotes the development of a prudent and transparent Islamic financial services industry through introducing new, or adapting existing international standards consistent with Sharî'ah principles, and recommend them for adoption.

To this end, the work of the IFSB complements that of the Basel Committee on Banking Supervision, International Organisation of Securities Commissions and the International Association of Insurance Supervisors.

The membership of the IFSB comprise regulatory and supervisory authorities, international inter-governmental organisations and financial institutions, professional firms and industry associations operating in various jurisdictions. To see the current membership click here.

The following are the IFSB Standards and documents related to Takaful:

IFSB-8: Guiding Principles on Governance for Takâful (Islamic Insurance) Undertakings

IFSB-9: Guiding Principles on Conduct of Business for Institutions offering Islamic Financial Services

IFSB-10: Guiding Principles on Sharîah Governance Systems for Institutions offering Islamic Financial Services

IFSB-11: Standard on Solvency Requirements for Takaful (Islamic Insurance) Undertakings

GN-5: Guidance Note on the Recognition of Ratings by External Credit Assessment Institutions (ECAIS) on Takaful and ReTakaful Undertakings

May 2007 : Islamic Financial Services Industry Development: Ten-Year Framework and Strategies

August 2006 : IFSB and IAIS Paper: Issues in Regulation and Supervision of Takâful (Islamic Insurance)