IFSB to Set Up Standards for Corporate Governance

Corporate governance and safeguarding the interests of all stakeholders, no matter how big or small, is not only an emerging phenomenon for the global conventional financial services market, but also for the growing Islamic financial services industry.

The Kuala Lumpur-based Islamic Financial Services Board (IFSB), whose mandate is to develop prudential and supervisory standards for the global Islamic finance industry, for instance, started preparing a standard on corporate governance in May 2004, and is expected to issue an exposure draft by early 2006, and if necessary hold a public hearing on the proposed standard.

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