Islamic Financial Services Board

the islamic financial services board (ifsb), which is based in kuala lumpur, was officially inaugurated on 3 november 2002 and started operations on 10 march 2003. it 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 shari'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 standards prepared by the ifsb follow a lengthy due process as outlined in its