These working groups are tasked at preparing new standards and guiding principles of the IFSB, which serves as an international standard-setting organisation for Islamic financial services industry and issues global prudential standards and guiding principles for Islamic banking, Islamic capital markets and takaful sectors.
These deliberations include the first meeting of a joint working group of the IFSB with another major standard setting body in Islamic finance, namely Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI). The meeting is aimed at revising their existing standards on Sharia’a governance frameworks for Islamic financial institutions and producing a consolidated international standard on this important subject, according to a statement issued by the CBO.
Other working group meetings will deliberate on subjects such as capital adequacy for Islamic banks, resolution and recovery plans, takaful core principles and disclosure to promote transparency and market discipline for takaful and retakaful undertakings.
The participants of these working groups constitute the representatives of regulatory and supervisory authorities, international organisations, as well as multilateral development banks from the IFSB members across the world, including those from AAOIFI for revised Sharia’a governance standard.
These meetings provide an opportunity to the participating members to exchange views on regulatory policy, review latest international developments and share the experience of their jurisdictions for the preparation of new global standards and guidelines for Islamic financial services industry.
The CBO is an IFSB member since February 2012 and is currently its full and council member. As the member of this international organisation, the CBO is actively contributing to various forums of the IFSB, including council, technical committee, task forces and working groups.
The hosting of these meetings by the Central Bank of Oman is a part of its efforts and commitment for the promotion of Islamic financial services industry at the international, regional and domestic markets.