Islamic Financial Services Board - IFSB
Definition of 'Islamic Financial Services Board - IFSB'
An international organization that issues guiding principles and standards within the banking, insurance and capital market sectors in order to promote stability in the Islamic financial services industry.
The ISFB consists of:
Investopedia explains 'Islamic Financial Services Board - IFSB'
Based in Kuala Lumpur, Malaysia, the IFSB began operations in early 2003. The IFSB issues standards and principles in the areas of capital adequacy, corporate governance, risk management and transparency, among others.
The goal of the IFSB is to promote the awareness of issues that could have an impact on the Islamic financial services industry. It issues Sharia-compliant standards, holds conferences and seminars, and provides guidance and supervision, among other initiatives.