New standards promote transparency at Islamic firms
KUALA LUMPUR - New standards published by the Islamic Financial Services Board (IFSB) aim to encourage market discipline and make the operations of Islamic financial services firms more transparent.
The IFSB promotes the development of a transparent Islamic financial services industry through the introduction of new standards - or by adapting existing international standards - consistent with sharia principles. Transparency is an important consideration under sharia, which forbids any form of concealment, fraud or misrepresentation.
The latest IFSB report, Disclosures to promote transparency and market discipline for institutions offering Islamic financial services, specifies a set of
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