The Islamic Financial Services Board concluded its 2025 Annual Meetings in Rabat, where its Council and General Assembly agreed priorities under the Strategic Plan 2025–2027 and approved new standard-setting outputs aimed at strengthening resilience and addressing regulatory gaps across Islamic finance. The Council adopted IFSB-31 on effective supervision of Shari’ah governance and issued Guidance Note-10 on recovery and resolution for takaful undertakings. The Strategic Plan discussions highlighted a renewed emphasis on non-bank financial sectors, development of financial safety net frameworks, financial inclusion, and climate-related financial risks, alongside more forward-looking monitoring of financial stability and an expanded technical assistance programme to support consistent implementation of IFSB standards. The Council also admitted the Bank of Algeria as a Full Member and Takaful Ikhlas General Berhad of Malaysia as an Observer Member, bringing IFSB membership to 182 members from 60 jurisdictions. The General Assembly appointed Khalid Ebrahim Humaidan, Governor of the Central Bank of Bahrain, as Chairman of the IFSB Council for 2026, with Olayemi Michael Cardoso, Governor of the Central Bank of Nigeria, as Deputy Chairman, effective 1 January 2026.
Islamic Financial Services Board 2025-07-02
Islamic Financial Services Board adopts new Shari’ah governance supervision principles and takaful recovery and resolution guidance
The Islamic Financial Services Board concluded its 2025 Annual Meetings in Rabat, setting priorities under the Strategic Plan 2025–2027 and approving new standards to enhance resilience and address regulatory gaps in Islamic finance. Key outputs include IFSB-31 on Shari’ah governance supervision and Guidance Note-10 on takaful recovery and resolution. The Council admitted new members and appointed Khalid Ebrahim Humaidan and Olayemi Michael Cardoso as Chairman and Deputy Chairman of the IFSB Council for 2026.