The Islamic Financial Services Board (hereafter referred to as IFSB), which is based in Kuala Lumpur, was established on the 3rd of November, 2002 and commenced its operations on the 10th of March, 2003. IFSB is an international standard setting body of regulatory and supervisory agencies that aims at ensuring the stability and soundness of the Islamic finance industry by issuing prudential global standards and guiding principles for the industry, including the banking, capital markets and insurance sectors. It is also active in conducting research on industry-related issues, as well as organizing roundtables, seminars and conferences for regulators and industry stakeholders. There are 195 members in IFSB comprising 52 regulatory and supervisory authorities, six international inter-governmental organisations, and 137 market players, professional firms and industry associations operating in 40 jurisdictions. For further details, see: ISRA Research Paper; Institutions Supporting the Standardisation Process in Islamic Finance (IRP 29)

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