The Dubai Financial Services Authority (DFSA) has announced its admission as an Associate Member of the Islamic Financial Services Board (IFSB), a body which sets standards for regulatory and supervisory agencies.
“Becoming a member of the IFSB is an important step forward for the DFSA," stated Dr Habib Al Mulla, Chairman of the DFSA Board.
“The IFSB is one of the leading industry associations for Islamic finance and standard setting, and the DFSA looks forward to a productive relationship with the IFSB in our capacity as an Associate Member,” he added.
The role of the IFSB is to promote transparency in the Islamic financial services industry through the introduction of new rules and standards consistent with Shari’a principles. The board also provides guidance for institutions offering Islamic investment products and liaises with other rule-making bodies in the industry.
Mr David King, Acting Chief Executive of the DFSA observed: “As a newly established regulator operating to international best practice standards, the DFSA considers its membership of the IFSB to be an important element in working with other organisations that seek to develop best practice standards in their own sphere of expertise.”
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