CIBAFI submitted its comments on 27th May 2018 to the Islamic Financial Services Board (IFSB) on the Exposure Draft no: 22 “Revised Standard on Disclosures to Promote Transparency and Market Discipline for Institutions Offering Islamic Financial Services [Banking Segment]”.
The Exposure Draft has been issued on 28th March 2018 and was open for public consultation until 28th May 2018.
In its comments, CIBAFI thanked the IFSB for giving the opportunity to the Islamic Financial Services Industry to comment on the Exposure Draft and provided collective feedback of its member institutions from over 33 jurisdictions.
CIBAFI submitted on 30th December 2016 its comments and recommendations to the Islamic Financial Services Board (IFSB), Malaysian based international standard setter, for the Exposure Draft-19: “Guiding Principles on Disclosure Requirements for Islamic Capital Market Products (Sukuk and Islamic Collective Investment Schemes)”.
The ED19 was issued on the 31st October 2016 inviting comments from regulatory and supervisory authorities, international organizations etc. This standard is primarily concerned with setting principles and minimum standards for disclosure in relation to Islamic capital market products and with an objective to create greater harmonisation of regulation and practice in the Islamic Capital Market (ICM), and thus to facilitate cross-border offerings.
CIBAFI) submitted the collective feedback of its members to the Islamic Financial Services Board (IFSB), Malaysian based International Standard Setter, on a new Exposure Draft - 18, Guiding Principles for Retakaful (Islamic Reinsurance), (ED-18), which was available for a two-month Public Consultation starting from 5th November 2015 to 4th January 2016. The IFSB had invited comments from all the stakeholders of the Islamic Finance industry.
CIBAFI thanked the IFSB for giving the opportunity to the Islamic Financial Services Industry (IFSI) to comment on the Exposure Draft before its issuance as Guiding Principles and provided comments comprising four key points.
In its submission to the IFSB, CIBAFI expressed its appreciation of the work that the IFSB does to maintain sound practices of the IFSI and highlighted the need for the IFSB to align its work on the governance end with the global regulatory developments.
CIBAFI submitted the collective feedback of its members to the Islamic Financial Services Board (IFSB), Malaysian based International Standard Setter, on a new standard regulation designed to promote the sound management of liquidity risk in Institutions offering Islamic Financial Services (IIFS).
The Exposure Draft of Guidance Note 6 on "Quantitative Measures for Liquidity Risk Management in Institutions offering Islamic Financial Services", which was issued by the IFSB for public consultation, aims to complement global liquidity standards issued by the Basel Committee on Banking Supervision (BCBS) and other developments on liquidity risk management for the Islamic Financial Services Industry (IFSI). The standard also endeavors to support the regulatory and supervisory authorities to provide a level-playing field to the IFSI in the application of liquidity standards vis-a-vis their conventional counterparts.
Appendix to CIBAFI Comments to the IFSB, January 2015
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