IFSB eyes stronger implementation of Islamic finance standards

The Islamic Financial Services Board (IFSB) will release a Mid-Term Review (MTR) of the industry’s 10-year framework document on May 19, outlining benchmarks to monitor industry progress in a more focused way. The original framework, released in 2007 by the IFSB and the research arm of the Jeddah-based Islamic Development Bank, identified 16 recommendations for policymakers but did not spell out detailed metrics to track their progress. The MTR, in contrast, proposes a stronger implementation plan, including concrete initiatives to be undertaken by a range of stakeholders. Furthermore, a working group to study a standard for retakaful has now been launched and another working group will soon be set up to study a standard for capital markets.