United Kingdom (and EU regulation)

IFSB publishes FAQs on four of its standards

By Hannah Meakin (UK) and Victoria Pridmore on November 24, 2020 Posted in Regulation and compliance, United Kingdom

On 23 November 2020, the Islamic Financial Services Board (IFSB) published its third set of FAQs on the following standards:

Guiding Principles on Corporate Governance for Institutions Offering Only Islamic Financial Services (IIFS) (IFSB-3).
Guiding Principles on Governance for Islamic Collective Investment Schemes (ICIS)” (IFSB-6).
Standard on Risk Management for Takāful Undertakings (IFSB-14).
Technical Note on Financial Inclusion and Islamic Finance (TN-3).

These FAQs are aimed at enhancing the implementation of the four IFSB standards among IFSB member jurisdictions through presenting clarifications and explanative directions on the issued standards.