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Global: IFSB launches 2 e-learning modules for takaful and Islamic financial institutions

Source: Middle East Insurance Review | Feb 2018

Malaysia-based Islamic Financial Services Board (IFSB) has added two new modules on its FIS E-learning Portal, offering borderless learning experience for nine IFSB Standards covering the Islamic banking, takaful and Islamic capital market segments. The two modules are for “IFSB-8: Guiding Principles on Governance for Takaful Undertakings” and “IFSB-9: Guiding Principles on Conduct of Business for Institutions offering Islamic Financial Services (IIFS)”.
 
   IFSB-8 provides guiding principles on governance for takaful undertakings, addressing unique corporate governance elements of takaful sector, thus promoting consumer protection and enhancing risk disclosure. The Standard, which was issued in 2009, complements the existing internationally recognised frameworks, and promotes striking a balance between the interests and fair treatment of all stakeholders in takaful undertakings. 
 
   IFSB-9, published in 2009, highlights the appropriate perspectives on conduct of business issues specific to Islamic finance, and seeks to complement and reinforce, wherever applicable, the various existing internationally recognised conduct of business frameworks. 
 
   The Guiding Principles presented in IFSB-9 include principles related to truthfulness, honesty and fairness, due care and diligence, information to clients, conflicts of interest and of duty and Shariah compliance, and are applicable to all institutions offering Islamic financial services, including banking, takaful or capital market segments, as well as Islamic “windows” of conventional institutions. 
 
   Mr Zahid ur Rehman Khokher, Acting Secretary-General of the IFSB, said: “Participants from more than 13 countries are already benefiting from the E-Learning Portal, which is an initiative made possible by the continued support of the Asian Development Bank.
 
   “The E-Learning Portal provides on-demand access to capacity development material for enhancing knowledge and understanding of the IFSB Standards for the practitioners in Islamic financial services industry. 
 
   “This Portal offers users a comprehensive learning and knowledge management suite with a number of interactive features such as scenario-based learning, audios and self-assessments.” 
 
   The Portal aims to facilitate the implementation, and assist in the understanding, of the IFSB standards by member countries and industry stakeholders, and complements the existing IFSB implementation programmes, including workshops (country, regional and customised), technical assistance and policy advice, translations of standards into Arabic and French as well as outreach programmes. M 
 
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