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The IFSB was founded by "a consortium of central banks" and the Islamic Development Bank in 2002 and began operations on 10 March 2003. [7] [8] The country of its location, Malaysia, passed a special law the same year —the Islamic Financial Services Board Act 2002—giving the IFSB the usual "immunities and privileges" international organizations receive.
In addition to the individual Sharia boards that every Islamic financial institution has, there are organizations that have issued guidelines and standards for Sharia-compliance: Accounting and Auditing Organization for Islamic Financial Institutions, [14] Fiqh Academy of the Organisation of Islamic Cooperation, Islamic Financial Services Board ...
The Islamic Financial Services Act 2013 (Malay: Akta Perkhidmatan Kewangan Islam 2013), is a Malaysian law which enacted to provide for the regulation and supervision of Islamic financial institutions, payment systems and other relevant entities and the oversight of the Islamic money market and Islamic foreign exchange market to promote financial stability and compliance with Shariah and for ...
Islamic Financial Services Board Act 2002 [Act 623] Finance (No. 2) Act 2002 [Act 624] National Land Code (Validation) Act 2003 [Act 625] Hotels (Federal Territory of Kuala Lumpur) Act 2003 [Act 626] Payment Systems Act 2003 [Act 627] ( Repealed by the Financial Services Act 2013 [Act 758] ) National Service Training Act 2003 [Act 628]
In 2002, the Malaysia-based Islamic Financial Services Board (IFSB) was established as an international standard-setting body for Islamic financial institutions. [65] By 1995, 144 Islamic financial institutions had been established worldwide, including 33 government-run banks, 40 private banks, and 71 investment companies. [79]
While "almost all conservative Sharia scholars" believe derivatives (i.e. securities whose price is dependent upon one or more underlying assets) are in violation of Islamic prohibitions on gharar, [232] [233] [234] global standards for Islamic derivatives were set in 2010, with help of Bahrain-based International Islamic Financial Market and ...
Islamic Banking Act 1983: 276 Repealed by Act 759 Islamic Development Bank Act 1975: 153 In force Islamic Family Law (Federal Territories) Act 1984: 303 In force Islamic Financial Services Act 2013: 759 In force Islamic Financial Services Board Act 2002: 623 In force Istana Negara (Royal Allowances) Act 1982: 270 In force
Articles relating to financial regulation, a form of regulation or supervision, which subjects financial institutions to certain requirements, restrictions and guidelines, aiming to maintain the stability and integrity of the financial system. This may be handled by either a government or non-government organization.