IFSB shares second Strategic Performance Plan

The Islamic Financial Services Board (IFSB) Council has approved the second Strategic Performance Plan (SPP), for the years 2016 to 2018. The new plan builds on the previous SPP and the lessons learnt in executing it, along with the recognition of the need for the IFSB to evolve in response to changes in its operating environment.

The four strategic key results areas identified in the SPP 2016-2018 are:

• Formulation and issuance of prudential standards and studies for the regulation of the Islamic financial services industry
• Facilitating the implementation of prudential standards and capacity development
• Increasing awareness and knowledge sharing
• Enhancing cooperation with Islamic finance stakeholders

The SPP 2016-2018 aims to continue the IFSB’s focus on its core mandate, the formulation and facilitation of prudential standards for the banking, takāful, and Islamic capital Market sectors with an overarching objective of ensuring the stability and resilience of the Islamic financial services industry (IFSI).

These prudential standards are benchmarked against those issued by global standards bodies such as the Basel Committee on Banking Supervision (BCBS), International Association of Insurance Supervisors (IAIS) and International Organization of Securities Commissions (IOSCO), but also include standards that are unique to Islamic finance. The SPP 2016-2018 also focuses on the development of the Islamic financial services industry and its growing interconnectedness with global finance.

Interested?

More information on the SPP 2016-2018 will be available on the IFSB website in due course.