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Directory

A map of the Islamic finance system

From standard setters and national Shariah authorities upstream, to regulators, sandboxes and market infrastructure. Each body with its role, the body it reports to and its official source.

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  • Listing is not endorsement, ranking or partnership with IslamicOpenFinance™.
  • Every entry comes from an official list or the body's own site, with the date it was checked.
  • No logos are shown. The data as JSON

Value chain

From upstream to downstream

Pick a tier to see only its bodies.

The bodies

Standard setters and international Islamic finance bodies 8

Standard setter

Accounting and Auditing Organization for Islamic Financial Institutions

Issues Shari'ah, accounting, auditing, governance and ethics standards for Islamic financial institutions.

  • International
  • Bahrain
aaoifi.com (official website)

Source: AAOIFI: About AAOIFI, checked on

International Islamic finance institution

International Islamic Liquidity Management Corporation

Issues Islamic instruments for cross-border Islamic liquidity management; established by central banks and a multilateral.

  • International
  • Malaysia
  • Liquidity management
  • Sukuk
iilm.com (official website)

Source: IILM: About us, checked on

International Islamic finance institution

Islamic Development Bank

Multilateral development bank; listed by IFSB as a full member and by AAOIFI among those following its Shari'ah standards.

  • International
  • IFSB full member
  • Jurisdiction listed on AAOIFI's adoption page
isdb.org (official website)

Source: IFSB: Membership, list of members, checked on

Central banks, regulators and national Shariah authorities 42

Central bank or monetary authority

Bank Negara Malaysia

Central bank of Malaysia; licenses and supervises Islamic banks and takaful operators and publishes Shariah standards and policy documents.

  • Malaysia
  • IFSB full member
  • Published Shariah governance rules
  • Published Islamic finance rules
  • Public body
bnm.gov.my (official website)

Source: IFSB: Membership, list of members, checked on

Central bank or monetary authority

Saudi Central Bank

Central bank of Saudi Arabia; publishes a Shariah governance framework for local banks and runs an open banking programme.

  • Saudi Arabia
  • IFSB full member
  • Published Shariah governance rules
  • Open banking or open finance framework
  • Public body
sama.gov.sa (official website)

Source: IFSB: Membership, list of members, checked on

Central bank or monetary authority

Central Bank of the United Arab Emirates

Central bank of the UAE; issues rules for Islamic financial institutions, internal Shari'ah supervision committees and open finance.

  • United Arab Emirates
  • IFSB full member
  • Jurisdiction listed on AAOIFI's adoption page
  • Published Shariah governance rules
  • Open banking or open finance framework
  • Public body
centralbank.ae (official website)

Source: IFSB: Membership, list of members, checked on

Central bank or monetary authority

Central Bank of Bahrain

Central bank of Bahrain; its rulebook has a volume for Islamic banks, and it runs a FinTech & Innovation Unit and a regulatory sandbox.

  • Bahrain
  • IFSB full member
  • Jurisdiction listed on AAOIFI's adoption page
  • Published Islamic finance rules
  • Open banking or open finance framework
  • Public body
cbb.gov.bh (official website)

Source: IFSB: Membership, list of members, checked on

Central bank or monetary authority

Qatar Central Bank

Central bank of Qatar; an IFSB full member and AAOIFI regulatory member, in a jurisdiction AAOIFI lists as applying its standards.

  • Qatar
  • IFSB full member
  • AAOIFI regulatory member
  • Jurisdiction listed on AAOIFI's adoption page
  • Public body
qcb.gov.qa (official website)

Source: IFSB: Membership, list of members, checked on

Central bank or monetary authority

Central Bank of Kuwait

Central bank of Kuwait; publishes instructions for Islamic banks, including on Shari'ah governance.

  • Kuwait
  • IFSB full member
  • Published Islamic finance rules
  • Published Shariah governance rules
  • Public body
cbk.gov.kw (official website)

Source: IFSB: Membership, list of members, checked on

Central bank or monetary authority

Central Bank of Oman

Central bank of Oman; an IFSB full member, in a jurisdiction AAOIFI lists as applying its standards.

  • Oman
  • IFSB full member
  • Jurisdiction listed on AAOIFI's adoption page
  • Published Islamic finance rules
  • Public body
cbo.gov.om (official website)

Source: IFSB: Membership, list of members, checked on

Central bank or monetary authority

Central Bank of Jordan

Central bank of Jordan; an IFSB full member and AAOIFI regulatory member, in a jurisdiction AAOIFI lists as applying its standards.

  • Jordan
  • IFSB full member
  • AAOIFI regulatory member
  • Jurisdiction listed on AAOIFI's adoption page
  • Public body
cbj.gov.jo (official website)

Source: IFSB: Membership, list of members, checked on

Central bank or monetary authority

Palestine Monetary Authority

Monetary authority and banking regulator of Palestine; an IFSB associate member and AAOIFI regulatory member.

  • Palestine
  • IFSB associate member
  • AAOIFI regulatory member
  • Jurisdiction listed on AAOIFI's adoption page
  • Public body
pma.ps (official website)

Source: IFSB: Membership, list of members, checked on

Central bank or monetary authority

State Bank of Pakistan

Central bank of Pakistan; an IFSB full member and AAOIFI regulatory member, in a jurisdiction AAOIFI lists as applying its standards.

  • Pakistan
  • IFSB full member
  • AAOIFI regulatory member
  • Jurisdiction listed on AAOIFI's adoption page
  • Public body
sbp.org.pk (official website)

Source: IFSB: Membership, list of members, checked on

Central bank or monetary authority

Central Bank of Nigeria

Central bank of Nigeria and regulator of its non-interest banks; an IFSB full member.

  • Nigeria
  • IFSB full member
  • Jurisdiction listed on AAOIFI's adoption page
  • Public body
cbn.gov.ng (official website)

Source: IFSB: Membership, list of members, checked on

Central bank or monetary authority

Bank of Mauritius

Central bank of Mauritius; an IFSB full member, in a jurisdiction AAOIFI lists as applying its standards.

  • Mauritius
  • IFSB full member
  • Jurisdiction listed on AAOIFI's adoption page
  • Public body
bom.mu (official website)

Source: IFSB: Membership, list of members, checked on

Central bank or monetary authority

Monetary Authority of Singapore

Central bank and integrated regulator of Singapore; publishes guidelines on applying banking regulations to Islamic banking.

  • Singapore
  • IFSB associate member
  • Published Islamic finance rules
  • Public body
mas.gov.sg (official website)

Source: IFSB: Membership, list of members, checked on

Securities and capital market regulator

Capital Market Authority (Saudi Arabia)

Capital market regulator of Saudi Arabia, including offers of sukuk; an IFSB full member and AAOIFI regulatory member.

  • Saudi Arabia
  • IFSB full member
  • AAOIFI regulatory member
  • Sukuk
  • Public body
cma.gov.sa (official website)

Source: IFSB: Membership, list of members, checked on

Securities and capital market regulator

Capital Market Authority (United Arab Emirates)

Federal capital market regulator of the UAE; listed by IFSB as an observer under its former name, Emirates Securities and Commodities Authority.

  • United Arab Emirates
  • IFSB observer member
  • Public body
sca.gov.ae (official website)

Source: IFSB: Membership, list of members, checked on

Banking regulator

Otoritas Jasa Keuangan (Indonesia Financial Services Authority)

Financial services regulator of Indonesia, including sharia banks, sharia units and sharia non-bank institutions.

  • Indonesia
  • IFSB full member
  • Published Islamic finance rules
  • Public body
ojk.go.id (official website)

Source: IFSB: Membership, list of members, checked on

Financial centre regulator

Dubai Financial Services Authority

Regulator of the Dubai International Financial Centre; its Islamic Finance Rules cover Islamic windows, Shari'a boards and Islamic funds.

  • United Arab Emirates
  • IFSB full member
  • Jurisdiction listed on AAOIFI's adoption page
  • Published Islamic finance rules
  • Public body
dfsa.ae (official website)

Source: IFSB: Membership, list of members, checked on

Financial centre regulator

Abu Dhabi Global Market Financial Services Regulatory Authority

Financial services regulator of Abu Dhabi Global Market; an IFSB associate member.

  • United Arab Emirates
  • IFSB associate member
  • Public body
adgm.com (official website)

Source: IFSB: Membership, list of members, checked on

Financial centre regulator

Qatar Financial Centre Regulatory Authority

Regulator of the Qatar Financial Centre; publishes Islamic Finance Rules (ISFI).

  • Qatar
  • IFSB associate member
  • AAOIFI regulatory member
  • Jurisdiction listed on AAOIFI's adoption page
  • Published Islamic finance rules
  • Public body
qfcra.com (official website)

Source: IFSB: Membership, list of members, checked on

Financial centre regulator

Astana Financial Services Authority

Regulator of the Astana International Financial Centre; an AAOIFI regulatory member and listed on AAOIFI's adoption page.

  • Kazakhstan
  • AAOIFI regulatory member
  • Jurisdiction listed on AAOIFI's adoption page
  • Public body
afsa.aifc.kz (official website)

Source: AAOIFI: AAOIFI Regulatory Members, checked on

Sandboxes and innovation hubs 10

Regulatory sandbox

FCA Regulatory Sandbox

Lets firms test innovative propositions with real consumers in the UK under the Financial Conduct Authority's oversight.

  • United Kingdom
  • Public body
fca.org.uk (official website)

Source: FCA: Regulatory Sandbox, checked on

Market infrastructure, liquidity and deposit insurance 5

Correct or add

Is a body missing or wrong?

Every correction needs evidence: send a link to an official list, such as a regulator's register, or the body's own page. Once checked, the entry is updated with the source and a new check date, and you receive a receipt with a reference number.