Islamic Financial Services Board (IFSB)

The Islamic Financial Services Board (IFSB) is an international standard-setting body of regulatory and supervisory agencies that aims to promote the soundness and stability of Islamic financial services; it studies and recommends standards consistent with Shari'ah principles for banking, capital markets and insurance. ¹

It was founded in 2002 by "a consortium of central banks" and the Islamic Development Bank, and began operations on 10 March 2003. ¹ Malaysia, its host country, passed the Islamic Financial Services Board Act 2002 the same year, giving it the usual immunities and privileges of international organisations. ¹ Its Articles of Agreement were signed on 3 November 2002 by nine founding members: the Central Bank of Bahrain, Bank Indonesia, the Central Bank of the Islamic Republic of Iran, the Central Bank of Kuwait, Bank Negara Malaysia, the State Bank of Pakistan, the Saudi Arabian Monetary Agency, the Central Bank of Sudan and the Islamic Development Bank. ¹

At its 15th meeting, in Kuala Lumpur on 23 November 2009, its Council resolved to establish the Islamic Financial Stability Forum. ¹ In June 2020 it had 187 members: 79 regulatory and supervisory authorities, 9 international inter-governmental organisations and 99 market players, in 57 jurisdictions. ¹ By October 2020 it had issued 32 standards, guiding principles and technical notes. ¹

• English Wikipedia, "Islamic Financial Services Board", revision 1383328393. ¹