The IFSB publishes the Russian version of three IFSB standards

30 December 2020, Kuala Lumpur - The Islamic Financial Services Board (IFSB) is pleased to announce the release of the Russian version of three IFSB Standards, namely, Guiding Principles of Risk Management for Institutions (Other Than Insurance Institutions) Offering Only Islamic Financial Services (IIFS) (IFSB-1), Guiding Principles for Retakāful (Islamic Reinsurance) (IFSB-18) and Guiding Principles on Disclosure Requirements for Islamic Capital Market Products (Ṣukūk and Islamic Collective Investment Schemes) (IFSB-19).
 
Secretary-General of the IFSB, Dr. Bello Lawal Danbatta said, “the issuance of the Russian version of IFSB standards reflects the IFSB’s strong commitment to cater to the increasing interest and recognition of Islamic finance among the Russian-speaking jurisdictions around the world. The three newly translated Standards are other milestones on the path towards improving the implementation rates of the IFSB Standards in the member countries.” He added that, “the translation of these three documents reflect the continued commitment of the IFSB to increase the implementation of the standards among its members, and is part of the IFSB’s Strategic Performance Plan (SPP) 2019-2021.”
 
All IFSB Standards, Guidance and Technical Notes have been issued in both English and Arabic languages. The IFSB is then progressively translating the Standards, Guidance and Technical Notes into Russian language, with a further three standards planned to be translated into Russian language in 2021. This translation initiative complements the other implementation activities including the country and regional workshops, technical assistance, policy advice and discussions, and the IFSB E-learning portal.
 
Details of the newly translated documents are as follows:
IFSB-1: Guiding Principles of Risk Management for Institutions (other than Insurance Institutions) offering only Islamic Financial Services (IIFS)
It sets out fifteen principles of risk management for institutions (other than insurance institutions) offering only Islamic financial services (IIFS) and serves to complement the BCBS’s guidelines in order to cater for the specificities of IIFS.
 
IFSB-18: Guiding Principles for Retakāful (Islamic Reinsurance)