Islamic Financial Services Board

The Islamic Financial Services Board (IFSB) is an international regulatory body that promotes and enhances the stability and integrity of the Islamic financial services industry. Established in 2002, it develops guidelines and standards for institutions like banks and insurance companies that operate according to Islamic law (Sharia). These guidelines help ensure that financial practices are ethical and compliant with Islamic principles, such as prohibiting interest (riba) and promoting risk-sharing. The IFSB works with regulators and financial institutions globally to foster cooperation and create a sound framework for the growth of Islamic finance.