On 8 July 2020, the Islamic Financial Services Board (IFSB) issued two statements addressing the implications of the COVID-19 pandemic on certain elements of Islamic banking and Islamic capital markets. The statement on Islamic banking aims to clarify the treatment of payment moratoriums, the expected credit loss approach and profit sharing investment accounts in-line with Shar’iah rules and principles and guidance issued by the IFSB as well as other international standard-setters. The objective of the statement on Islamic capital markets is to recommend the highlighted areas for greater regulatory vigilance and appropriate regulatory responses across IFSB member countries to mitigate the negative economic effects of the COVID-19 pandemic and to ensure continued strong investor protection in the Islamic capital markets during these unprecedented times.