Islamic industry board sets new financial standards

The Islamic Financial Services Board, which sets standards for the sharia finance industry, has adopted new guidelines to enhance the sector's stability.

The guidelines relate to the Islamic insurance industry, the conduct of Islamic financial institutions and the sharia governance system, the board said in a statement.

The full guidelines are available on the board's website at www.ifsb.org.

Compliance with the Kuala Lumpur-based board's standards is voluntary. Islamic banks are governed by the regulatory authorities in their respective jurisdictions.

Link: http://in.reuters.com/article/fundsNews/idINKLR47993620091124