Jakarta, 2 April 2015 - The Council of the Islamic Financial Services Board (IFSB) has, in its 26th Meeting, resolved to approve the adoption of a new Guidance Note on Quantitative Measures for Liquidity Risk Management in Institutions Offering Islamic Financial Services (Excluding Islamic Insurance (Tak?ful) Institutions and Islamic Collective Investment Schemes) (GN-6).
The 26th meeting of the IFSB Council, hosted by Bank Indonesia, was chaired by the Governor, Bank Indonesia, and IFSB Chairman for 2015, H.E. Agus D.W. Martowardojo. It was attended by seven central bank governors and heads of regulatory and supervisory authorities, as well as 13 senior representatives from among the Council and Full members of the IFSB, representing 17 countries. The meeting was also attended by the President of the Islamic Development Bank.
GN-6: Guidance Note on Quantitative Measures for Liquidity Risk Management in Institutions Offering Islamic Financial Services (Excluding Islamic Insurance (Tak?ful) Institutions and Islamic Collective Investment Schemes.
GN-6 aims to complement global liquidity standards such as Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) as well as other developments on liquidity risk management for the Islamic financial services industry (IFSI). It will help the regulatory and supervisory authorities to provide a level-playing field to the IIFS in the application of liquidity standards vis-a-vis their conventional counterparts, and thus will promote the sound management of liquidity risk in IIFS. The objectives of this GN-6 are:
In the same Meeting, the Council also resolved to adopt a Standard on Core Principles for Islamic Finance Regulation (IFSB-17).
The softcopies of IFSB-17 and GN-6 will be available on the IFSB website, www.ifsb.org in both English and Arabic languages in due course.
The Meeting of the Council was followed by the 13th IFSB General Assembly and the 11th Islamic Financial Stability Forum.
Media contacts:
Islamic Financial Services Board (IFSB)
Mrs. Siham Ismail
Tel: 6 03 9195 1430
Mobile: 6 012 373 5842
Email: siham@ifsb.org