Bank Al Maghrib Interested in IFSB Prudential Standards

Bank Al-Maghrib and the Islamic Financial Services Board (IFSB) co-organized a regional workshop entitled “Facilitating Implementation of IFSB Standards” from February 28 to March 3 at the Center of Professional Training of Bank Al-Maghrib in Rabat.

This workshop, organized with the support of the Islamic Development Bank, focused on 3 standards for participatory banking: IFSB-15 “Revised Capital Adequacy Standard” on Prudential Capital and Solvency Standards, IFSB-16 “Revised Guidance on Key Elements in the Supervisory Process” on Supervision Standards, and GN-6 “Quantitative Measures for Liquidity Risk Management” on prudential liquidity standards.

The workshop brought together some 60 participants, representing the Shariah Committee for Participatory Finance, the Ministry of Economy and Finance, the General Secretariat of the Government, and the Regulatory and Control Authorities of Africa and Middle East and banks.

This event is part of the measures taken by Bank Al-Maghrib to finalize the regulatory framework governing participatory banking activities. It allowed for the exchange and sharing of experiences among participants on issues such as implementation of the aforementioned prudential standards.

IFSB is the international standardization body which lays down the prudential principles and standards applicable to Islamic financial institutions.

Source :Morocco World News