The Islamic Financial Services Board (IFSB) has concluded its Annual Meetings in Rabat, Morocco, where its Council and General Assembly reaffirmed priorities to address regulatory gaps and strengthen resilience across the Islamic financial services industry, including by scaling up attention to non-bank segments and improving implementation of IFSB standards. Discussions on the IFSB Strategic Plan 2025–2027 centred on maintaining and developing internationally recognised standards with a renewed emphasis on non-bank financial sectors, advancing financial safety net frameworks, financial inclusion and climate-related financial risks, adopting a forward-looking approach to financial stability monitoring and emerging risk identification, and expanding technical assistance to support consistent implementation. The Council approved IFSB-31, Guiding Principles for Effective Supervision of Shari'ah Governance, and issued Guidance Note 10 on recovery and resolution for takaful undertakings, and also admitted the Bank of Algeria as a full member and Takaful Ikhlas General Berhad (Malaysia) as an observer, bringing total membership to 182 institutions 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 IFSB-31 on Shari'ah governance supervision and issues Guidance Note 10 on takaful recovery and resolution
The Islamic Financial Services Board (IFSB) concluded its Annual Meetings in Rabat, Morocco, reaffirming priorities to address regulatory gaps and enhance resilience in the Islamic financial services industry. Key developments include the approval of IFSB-31 on Shari'ah governance supervision, issuance of Guidance Note 10 on takaful recovery and resolution, and the admission of new members. Khalid Ebrahim Humaidan and Olayemi Michael Cardoso were appointed as Chairman and Deputy Chairman of the IFSB Council for 2026.