After an extensive two-year consultative process, International Monetary Fund (IMF) and several Islamic countries have reached an agreement to establish an Islamic Financial Services Board (IFSB). The IFSB with Kuala Lumpur as its headquarters will, among other things, set and disseminate standards and core principles as well as adapt existing international standards for supervision and regulation which will be in accordance with the Sharia principles.
Participants included central bank representatives or monetary agencies from Bahrain, Indonesia, Iran, Kuwait, Lebanon, Malaysia, Pakistan, Saudi Arabia, Sudan, UAE and facilitators from the IMF.
Bureau Report