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.
With a regular dissemination of the PSIFIs data since its launch in April 2015, the IFSB
database has received global acknowledgement as credible, consistent and comprehensive database of Islamic banking systems covering over 95% of global Islamic banking activities and all the jurisdictions with systematically important Islamic banking sector.
The NDIC joins the Central Bank of Nigeria (CBN) as the other Nigerian institution on the Board of the IFSB
, with headquarters in Kuala Lumpur, Malaysia.
Full membership of the IFSB
enhances CBO's efforts to develop
Qatari Islamic banks have consistently enjoyed the lowest cost-to-income ratios throughout the 2017-18 analysis period, the Islamic Financial Services Board (IFSB
) has said in a report.
AAOIFI and IFSB
have been working separately on their respective mandates.
In a statement, the IFSB
stated that the duo also agreed to work together in raising awareness on emerging issues in the Islamic financial services industry.
The AAOIFI sets basic standards for the Islamic finance industry while the IFSB
issues recommendations based on risk assessment.
The memorandum of understanding (MoU) was signed by Dr Bello Lawal Danbatta, secretary-general, IFSB
and David Walker, secretary general, IADI in Kuala Lumpur, Malaysia.
Zahid ur Rehman Khokher, Acting Secretary-General of the IFSB
, said, "With the addition of two new modules, the FIS E-Learning Portal now offers borderless learning experience for nine IFSB
Standards covering the Islamic banking, Takaful and Islamic capital market segments.
Meanwhile, Governor of Central Bank of the Islamic Republic of Iran Valiollah Seif was appointed as IFSB
's Deputy Chairman in the same period.