Islamic Financial Services Board to revise its rules

01 December 2010

Islamic Financial Services Board to enhance Shari’ah-compliant banks’ capital in line with Basel III reforms

Rifaat Ahmed Abdel Karim, secretary-general of the Islamic Financial Services Board (IFSB), an association of regulators in Muslim countries, has said the board will revise its rules next year to enhance Shari’ah-compliant banks’ capital in line with Basel III reforms, Reuters has reported. The aim of the changes is “not to put the Islamic financial services industry at a disadvantage and to provide them with a level playing field” relative to conventional banks but did not elaborate on possible revisions, he said. The IFSB would seek its council’s approval in December to begin work next year on amending the regulations, with the process expected to be completed around 2013, he said.

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