Islamic Financial Services Board
The Islamic Financial Services Board (IFSB) is an international standard-setting body of regulatory and supervisory agencies that promotes the soundness and stability of the Islamic financial services industry, covering 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 (BCBS), International Organisation of Securities Commissions (IOSCO) and the  International Association of Insurance Supervisors (IAIS). IFSB was originally established to sever banking sector regulators and central banks. However, in 2004-2005, the IFSB mandate was extended to include supervisors and regulators of insurance and securities markets. Mission. The mission of the IFSB is to promote the stability and resilience of the Islamic financial services industry. The IFSB seeks to achieve its mission through the issuance, and facilitating the implementation, of global and prudential and supervisory standards and other initiatives that foster knowledge sharing and cooperation. Location. IFSB is based in Sasana Kijang, Kuala Lumpur, Malaysia, and began operations on  10 March 2003. Founding Members. IFSB was founded by "a consortium of central banks" and the Islamic Development Bank. The country of its location, Malaysia, passed a special law the year the IFSB was established—the Islamic Financial Services Board Act 2002—giving the IFSB the usual "immunities and privileges" international organizations receive. Nine Founding Members signed the Articles of Agreement on 3 November 2002. These are: 1. Central Bank of Bahrain (formerly known as Bahrain Monetary Authority) 2. Bank Indonesia 3. Central Bank of the Islamic Republic of Iran 4. Central Bank of Kuwait 5. Bank Negara Malaysia 6 . State Bank of Pakistan 7. Saudi Arabian Monetary Agency 8. Central Bank of Sudan (formerly known as Bank of Sudan) 9. Islamic Development Bank Leadership of the IFSB. Professor Rifaat Ahmed Abdel Karim [Secretary General] [From March 2003 To April 2011] Mr. Jaseem Ahmed [Secretary General] [From April 2011 To April 2017] Mr. Zahid ur Rehman Khokher [Acting Secretary General] [From April 2017 To January 2018] Dr. Bello Lawal Danbatta [Secretary General] [From January 2018 To Incumbent] Membership. As at June 2020, the 187 members of the IFSB comprise 79 regulatory and supervisory authorities, 9 international inter-governmental organisations, and  99 market players (financial institutions, professional firms, industry associations and stock exchanges) operating in 57 jurisdictions. Standards and Guiding Principles, Technical Notes and Guidance Notes. As on October 2020, the IFSB has issued 32 Standards & Guiding Principles, Technical Notes and Guiding Principles for various sectors of Islamic financial services industry. Islamic Financial Stability Forum. In its 15th Meeting held on 23 November 2009 in Kuala Lumpur, Malaysia, the Council of the IFSB resolved to establish the Islamic Financial Stability Forum as a platform for the IFSB member countries to discuss issues relating to the financial stability of the Islamic financial  services industry. Prominent industry experts, senior leadership of national and international institutions  and  thought leaders have presented their papers in the Islamic Financial Stability Forum since 2010 as follows: Working Papers. IFSB has been also issuing working papers since 2014. A list of published working papers, as on October 2020, is provided below: