Islamic Financial Services Board

What Islamic Financial Services Board does

The Islamic Financial Services Board (IFSB) is an international standard-setting organization (SSO) established in 2003 and headquartered in Kuala Lumpur, Malaysia. It functions as the principal global standard-setter for the Islamic financial services industry, issuing prudential standards, guidance notes, and technical notes that promote the soundness and stability of institutions offering Shari'ah-compliant financial products. Its membership comprises 181 institutions across 60 jurisdictions (as of January 2026), comprising regulatory and supervisory authorities (RSAs), international intergovernmental organizations (IOs), and market players such as Islamic banks, takaful operators, and asset managers.

The IFSB's product portfolio has grown to more than 30 standards, guidance notes, and technical notes addressing capital adequacy, risk management, corporate governance, transparency, and Shari'ah compliance. Recent issuances such as IFSB-31 (Shari'ah Governance, July 2025), GN-11 (Climate-Related Financial Risks, December 2025), GN-10 (Recovery and Resolution for Takaful, July 2025), and GN-9 (Macroprudential Tools, December 2024) demonstrate active expansion into emerging supervisory themes. Two landmark endorsements have cemented its standing: IMF adoption of IFSB-17 in 2018 and inclusion in the FSB Compendium of Standards in 2019.

As a non-commercial intergovernmental body, the IFSB is funded primarily through membership contributions, with Bank Negara Malaysia acting as host authority providing operational support. The organization supplements dues-based revenue with fee-based capacity-building, training, and technical assistance programs delivered to member institutions and regulators. Pricing is structured as recurring membership dues plus workshop, certification, and consulting fees; commercial monetization of the standards themselves is not part of the revenue model.

Name

Islamic Financial Services Board

Legal name

Islamic Financial Services Board

Website

https://ifsb.org

Company type

Private

Founded year

2003

Operating status

Operating

Headcount range

11–50 employees

Short description

The Islamic Financial Services Board (IFSB) is an international standard-setting organization headquartered in Kuala Lumpur that develops prudential standards and guidance for Islamic financial services, serving 181 member institutions across 60 jurisdictions.

Ownership category

akta.pro rank

Product category

Financial Regulatory Standards

NAICS

Management, Scientific, and Technical Consulting Services (5416), Credit Intermediation and Related Activities (522)

SIC

Federal & Federally-Sponsored Credit Agencies (6111)

akta.pro primary industry

Technical Assistance, Policy Lending & Capacity Building Programs (BPADACAN)

akta.pro secondary industry

Guarantee, Insurance & Risk Mitigation Facilities (BPADACAK)

Keywords

• Islamic finance standards
• Prudential regulation
• Takaful supervision
• Shariah governance
• Capacity building

Headquarters

HQ city

Kuala Lumpur

HQ country

Malaysia

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Membership Fees: The IFSB operates with membership fees from its 181 member institutions across 60 jurisdictions. The membership categories include Full Members (supervisory authorities), Associate Members (central banks and regulatory organizations), and Observer Members (market players, professional firms, industry associations).
2. Capacity Development Programs: The IFSB provides technical assistance, capacity building programs, and training services to members. Technical assistance is available to Full and Associate members. Programs cover Islamic banking, takaful and retakaful, Islamic capital markets, Islamic monetary operations, and Islamic deposit insurance.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

The IFSB develops and issues international prudential standards, technical notes, and guidance notes for the Islamic financial services industry covering banking, capital markets, and takaful segments. It complements these with a data portal (PSIFIs), an e-Learning platform, and capacity development programmes (technical assistance, workshops, Training of Trainers, and ICAP) for regulatory and supervisory authorities worldwide.

Product overview

The Islamic Financial Services Board (IFSB) operates as an international standard-setting organization rather than a commercial product company. Its portfolio consists primarily of regulatory standards and guidance documents for the Islamic financial services industry. The core offerings include: (1) IFSB Standards (IFSB-1 through IFSB-31) covering prudential requirements for banking, capital markets, and takaful sectors; (2) Technical Notes addressing specialized topics like liquidity management and stress testing; (3) Guidance Notes providing implementation guidance; (4) supporting resources including the Islamic Financial Stability Report, Glossary, and FAQ documents. The IFSB also provides a Data Portal for Prudential and Structural Islamic Financial Indicators (PSIFIs) and an e-Learning platform for capacity building. The organization does not offer commercial software products but rather develops and publishes regulatory standards, guidance, and educational resources for supervisory authorities and industry practitioners.

Differentiator

Problem solved

Functional benefit

Products and services

• IFSB Standards International prudential standards for the Islamic financial services industry covering banking, capital markets, and takaful segments, including IFSB-1 through IFSB-31, addressing risk management, corporate governance, capital adequacy, disclosures, and supervisory review processes.
• Technical Notes Technical documents (TN-1 through TN-5) addressing specialised topics such as Sharīʿah-compliant liquidity risk management tools, stress testing, financial inclusion, and recovery and resolution for Islamic financial institutions.
• Guidance Notes Guidance documents (GN-1 through GN-11) providing practical implementation guidance on Islamic finance topics including climate-related financial risks, recovery and resolution for takaful undertakings, and macroprudential tools.
• e-Learning Platform Online learning platform (Thinkific-powered) for capacity building and training in Islamic finance regulation and supervision, including the Training of Trainers Programme.
• IFSB Data Portal (PSIFIs) Prudential and Structural Islamic Financial Indicators database providing aggregated data and statistics on the Islamic financial services industry across member jurisdictions.
• Islamic Financial Stability Report Annual flagship publication providing comprehensive analysis of the Islamic financial services industry's stability, risks, and developments, inaugurated in May 2013.
• IFSB Glossary of Terminologies Comprehensive terminology database with 115 definitions of Islamic finance terms including Murābaḥah, Mushārakah, Ijārah, Takāful, Ṣukūk, and other Shariah-compliant financial instruments and concepts.
• Capacity Development Programs Training programmes including workshops, seminars, Technical Assistance, Training of Trainers Programme, and Impact and Consistency Assessment Programme (ICAP) for regulatory and supervisory authorities, covering Islamic banking, takaful and retakaful, Islamic capital markets, Islamic monetary operations, and Islamic deposit insurance.

Quantifiable outcome

• IFSB-17 adopted by IMF as endorsed standard for Islamic finance regulation in banking sector (May 2018)
• +2 more outcomes

Named customers8 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Seven partnerships are on record, tiered core and major.

• Bank Negara MalaysiacoreStrategic or Co-development Partner · 1 November 2002Bank Negara Malaysia hosts the IFSB headquarters at Sasana Kijang in Kuala Lumpur. The central bank is a Full Member of the IFSB and provides the physical infrastructure and institutional support for the organization's operations. The partnership began with the inauguration of IFSB in Kuala Lumpur in November 2002.
• Islamic Development BankcoreStrategic or Co-development PartnerThe Islamic Development Bank (IsDB) is a Full Member of IFSB and participates actively in working groups and task forces. IsDB Institute staff contribute to standard development as members of various technical committees.
• International Monetary FundcoreStrategic or Co-development PartnerIMF is an Associate Member of IFSB and endorsed the IFSB-17 standard in May 2018. IMF representatives participate in working groups and the organization collaborates on international financial stability initiatives.
• World BankmajorStrategic or Co-development PartnerThe World Bank is an Associate Member of IFSB and hosted a High-Level Seminar on Islamic Finance with IFSB in Washington D.C. in September 2016. The organizations collaborate on development initiatives.
• Asian Development BankmajorStrategic or Co-development PartnerAsian Development Bank participates in IFSB working groups including the IFSB & IAIS Joint Working Group on Microtakāful. ADB staff contribute expertise to standard development initiatives.
• Bank for International SettlementsmajorStrategic or Co-development PartnerBIS is an Associate Member of IFSB and participates in working groups including Core Principles for Islamic Finance Regulation. BIS expertise contributes to alignment with international banking standards.
• International Association of Insurance Supervisors (IAIS)majorStrategic or Co-development PartnerIAIS participates in the IFSB & IAIS Joint Working Group on Microtakāful, demonstrating collaboration between international insurance standard-setters for the development of Islamic insurance standards.

Scale indicators5 records

Recent moves12 records

Expansion highlights5 records

Market position

Competitive moat5 records

Key risks4 records

Key highlights7 records

Customer concentration

• Xx.com/IFSB_org
• YouTubeyoutube.com/channel/UCnS6a6oQwF8r4qxSIbD2u5g
• LinkedInlinkedin.com/company/islamic-financial-services-board
• Facebookfacebook.com/islamicfinancialservicesboard

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

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M&A

Investments

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Frequently asked questions about Islamic Financial Services Board