--- title: "Directory of Islamic finance standard setters, regulators and Shariah authorities | IslamicOpenFinance™" description: "A map of the Islamic finance system, from standard setters and fiqh bodies to central banks, regulators, national Shariah authorities, sandboxes and market infrastructure; every entry with an official source and the date it was checked." url: https://islamicopenfinance.com/directory/ lang: en-GB source: "IslamicOpenFinance" --- > A map of the Islamic finance system, from standard setters and fiqh bodies to central banks, regulators, national Shariah authorities, sandboxes and market infrastructure; every entry with an official source and the date it was checked. 1. [Home](https://islamicopenfinance.com/) 2. Directory 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. **Read before use** - 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](https://islamicopenfinance.com/directory/directory.json) Value chain ## From upstream to downstream Pick a tier to see only its bodies. 1. 1 **Standard setters and international Islamic finance bodies** 8 2. 2 **Central banks, regulators and national Shariah authorities** 42 3. 3 **Sandboxes and innovation hubs** 10 4. 4 **Market infrastructure, liquidity and deposit insurance** 5 ## 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)](https://aaoifi.com/) Source: [AAOIFI: About AAOIFI](https://aaoifi.com/about-aaoifi/?lang=en), checked on 30 September 2026 Standard setter ### Islamic Financial Services Board Issues prudential standards and guiding principles for Islamic banking, capital markets and takaful. - International - Malaysia [ifsb.org (official website)](https://www.ifsb.org/) Source: [Islamic Financial Services Board: home](https://www.ifsb.org/), checked on 30 September 2026 Standard setter ### International Islamic Financial Market Standardises Islamic financial contracts and product templates, including hedging and money-market documentation. - International - Bahrain - Liquidity management [iifm.net (official website)](https://www.iifm.net/) Source: [International Islamic Financial Market: home](https://www.iifm.net/), checked on 30 September 2026 International fiqh body ### International Islamic Fiqh Academy Collective fiqh body of the Organization of Islamic Cooperation; publishes resolutions, including on financial transactions. - International [iifa-aifi.org (official website)](https://iifa-aifi.org/) Source: [International Islamic Fiqh Academy: home](https://iifa-aifi.org/en), checked on 30 September 2026 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)](https://iilm.com/) Source: [IILM: About us](https://iilm.com/v2/en/about-us/), checked on 30 September 2026 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)](https://www.isdb.org/) Source: [IFSB: Membership, list of members](https://www.ifsb.org/membership/), checked on 30 September 2026 International Islamic finance institution ### Islamic Corporation for the Development of the Private Sector Private-sector arm of the IsDB Group; an IFSB observer member. - International - IFSB observer member Reports to IsDB [icd-ps.org (official website)](https://icd-ps.org/) Source: [IFSB: Membership, list of members](https://www.ifsb.org/membership/), checked on 30 September 2026 International Islamic finance institution ### Islamic Corporation for the Insurance of Investment and Export Credit Investment and export credit insurer of the IsDB Group; an IFSB observer member. - International - IFSB observer member Reports to IsDB [iciec.isdb.org (official website)](https://iciec.isdb.org/) Source: [IFSB: Membership, list of members](https://www.ifsb.org/membership/), checked on 30 September 2026 ## Central banks, regulators and national Shariah authorities 42 National Shariah authority ### Shariah Advisory Council of Bank Negara Malaysia Highest Shariah authority for Islamic financial institutions in Malaysia, with its role reinforced by the Central Bank of Malaysia Act 2009. - Malaysia - Public body Reports to BNM [bnm.gov.my (official website)](https://www.bnm.gov.my/committees/sac) Source: [Bank Negara Malaysia: Shariah Advisory Council of BNM](https://www.bnm.gov.my/committees/sac), checked on 30 September 2026 National Shariah authority ### Shariah Advisory Council of the Securities Commission Malaysia Advises the Securities Commission Malaysia on Shariah matters in the Islamic capital market and publishes its resolutions. - Malaysia - Public body - Sukuk Reports to SC Malaysia [sc.com.my (official website)](https://www.sc.com.my/development/icm/shariah) Source: [Securities Commission Malaysia: Shariah (Islamic capital market), SAC resolutions](https://www.sc.com.my/development/icm/shariah), checked on 30 September 2026 National Shariah authority ### Higher Shari'ah Authority (United Arab Emirates) Standardises Shari'ah requirements and Shari'ah governance in the UAE and serves as the primary Shari'ah reference for Islamic finance there. - United Arab Emirates - Public body Reports to CBUAE [centralbank.ae (official website)](https://www.centralbank.ae/en/our-operations/islamic-finance/) Source: [CBUAE: Islamic finance (Higher Shari'ah Authority)](https://www.centralbank.ae/en/our-operations/islamic-finance/), checked on 30 September 2026, [archived copy](https://web.archive.org/web/20260824/https://www.centralbank.ae/en/our-operations/islamic-finance/) National Shariah authority ### Dewan Syariah Nasional, Majelis Ulama Indonesia (National Sharia Board of the Indonesian Council of Ulama) National Sharia Board of the Indonesian Council of Ulama; issues fatwas on Islamic economic and financial activities in Indonesia. - Indonesia [dsnmui.or.id (official website)](https://dsnmui.or.id/) Source: [DSN-MUI: Dewan Syariah Nasional, Majelis Ulama Indonesia (home and fatwa list)](https://dsnmui.or.id/kategori/fatwa/), checked on 1 October 2026 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)](https://www.bnm.gov.my/) Source: [IFSB: Membership, list of members](https://www.ifsb.org/membership/), checked on 30 September 2026 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)](https://www.sama.gov.sa/) Source: [IFSB: Membership, list of members](https://www.ifsb.org/membership/), checked on 30 September 2026 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)](https://www.centralbank.ae/) Source: [IFSB: Membership, list of members](https://www.ifsb.org/membership/), checked on 30 September 2026 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)](https://www.cbb.gov.bh/) Source: [IFSB: Membership, list of members](https://www.ifsb.org/membership/), checked on 30 September 2026 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)](https://www.qcb.gov.qa/) Source: [IFSB: Membership, list of members](https://www.ifsb.org/membership/), checked on 30 September 2026 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)](https://www.cbk.gov.kw/) Source: [IFSB: Membership, list of members](https://www.ifsb.org/membership/), checked on 30 September 2026 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)](https://cbo.gov.om/) Source: [IFSB: Membership, list of members](https://www.ifsb.org/membership/), checked on 30 September 2026 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)](https://www.cbj.gov.jo/) Source: [IFSB: Membership, list of members](https://www.ifsb.org/membership/), checked on 30 September 2026 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)](https://www.pma.ps/) Source: [IFSB: Membership, list of members](https://www.ifsb.org/membership/), checked on 30 September 2026 Central bank or monetary authority ### Central Bank of Egypt Central bank of Egypt; an IFSB full member. - Egypt - IFSB full member - Public body [cbe.org.eg (official website)](https://www.cbe.org.eg/) Source: [IFSB: Membership, list of members](https://www.ifsb.org/membership/), checked on 30 September 2026 Central bank or monetary authority ### Bank Al-Maghrib Central bank of Morocco; an IFSB full member and AAOIFI regulatory member. - Morocco - IFSB full member - AAOIFI regulatory member - Public body [bkam.ma (official website)](https://www.bkam.ma/) Source: [IFSB: Membership, list of members](https://www.ifsb.org/membership/), checked on 30 September 2026 Central bank or monetary authority ### Central Bank of the Republic of Türkiye Central bank of Türkiye; an IFSB full member. - Türkiye - IFSB full member - Public body [tcmb.gov.tr (official website)](https://www.tcmb.gov.tr/) Source: [IFSB: Membership, list of members](https://www.ifsb.org/membership/), checked on 30 September 2026 Central bank or monetary authority ### Bank Indonesia Central bank of Indonesia, responsible for monetary policy, including sharia monetary operations, and the payment system. - Indonesia - IFSB full member - Public body [bi.go.id (official website)](https://www.bi.go.id/) Source: [IFSB: Membership, list of members](https://www.ifsb.org/membership/), checked on 30 September 2026 Central bank or monetary authority ### Brunei Darussalam Central Bank Central bank and financial regulator of Brunei Darussalam; an IFSB full member. - Brunei Darussalam - IFSB full member - Public body [bdcb.gov.bn (official website)](https://www.bdcb.gov.bn/) Source: [IFSB: Membership, list of members](https://www.ifsb.org/membership/), checked on 30 September 2026 Central bank or monetary authority ### Bangladesh Bank Central bank of Bangladesh; an IFSB full member and AAOIFI regulatory member. - Bangladesh - IFSB full member - AAOIFI regulatory member - Public body [bb.org.bd (official website)](https://www.bb.org.bd/) Source: [IFSB: Membership, list of members](https://www.ifsb.org/membership/), checked on 30 September 2026 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)](https://www.sbp.org.pk/) Source: [IFSB: Membership, list of members](https://www.ifsb.org/membership/), checked on 30 September 2026 Central bank or monetary authority ### Maldives Monetary Authority Central bank of the Maldives; an IFSB observer member and AAOIFI regulatory member. - Maldives - IFSB observer member - AAOIFI regulatory member - Public body [mma.gov.mv (official website)](https://www.mma.gov.mv/) Source: [IFSB: Membership, list of members](https://www.ifsb.org/membership/), checked on 30 September 2026 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)](https://www.cbn.gov.ng/) Source: [IFSB: Membership, list of members](https://www.ifsb.org/membership/), checked on 30 September 2026 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)](https://www.bom.mu/) Source: [IFSB: Membership, list of members](https://www.ifsb.org/membership/), checked on 30 September 2026 Central bank or monetary authority ### Bank of England Central bank of the United Kingdom; an IFSB associate member. - United Kingdom - IFSB associate member - Public body [bankofengland.co.uk (official website)](https://www.bankofengland.co.uk/) Source: [IFSB: Membership, list of members](https://www.ifsb.org/membership/), checked on 30 September 2026 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)](https://www.mas.gov.sg/) Source: [IFSB: Membership, list of members](https://www.ifsb.org/membership/), checked on 30 September 2026 Central bank or monetary authority ### Hong Kong Monetary Authority Monetary authority and banking regulator of Hong Kong SAR; an IFSB associate member. - Hong Kong SAR - IFSB associate member - Public body [hkma.gov.hk (official website)](https://www.hkma.gov.hk/) Source: [IFSB: Membership, list of members](https://www.ifsb.org/membership/), checked on 30 September 2026 Securities and capital market regulator ### Securities Commission Malaysia Capital market regulator of Malaysia, including the Islamic capital market, sukuk and Islamic funds. - Malaysia - IFSB full member - Sukuk - Public body [sc.com.my (official website)](https://www.sc.com.my/) Source: [IFSB: Membership, list of members](https://www.ifsb.org/membership/), checked on 30 September 2026 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)](https://cma.gov.sa/) Source: [IFSB: Membership, list of members](https://www.ifsb.org/membership/), checked on 30 September 2026 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)](https://www.sca.gov.ae/) Source: [IFSB: Membership, list of members](https://www.ifsb.org/membership/), checked on 30 September 2026 Securities and capital market regulator ### Qatar Financial Markets Authority Capital market regulator of Qatar; an IFSB associate member. - Qatar - IFSB associate member - Public body [qfma.org.qa (official website)](https://www.qfma.org.qa/) Source: [IFSB: Membership, list of members](https://www.ifsb.org/membership/), checked on 30 September 2026 Securities and capital market regulator ### Capital Markets Authority (Kuwait) Capital market regulator of Kuwait; an AAOIFI regulatory member. - Kuwait - AAOIFI regulatory member - Public body [cma.gov.kw (official website)](https://www.cma.gov.kw/) Source: [AAOIFI: AAOIFI Regulatory Members](https://aaoifi.com/aaoifi-regulatory-members/?lang=en), checked on 30 September 2026 Securities and capital market regulator ### Financial Services Authority (Oman) Financial regulator in Oman; an IFSB associate member. - Oman - IFSB associate member - Public body [fsa.gov.om (official website)](https://www.fsa.gov.om/) Source: [IFSB: Membership, list of members](https://www.ifsb.org/membership/), checked on 30 September 2026 Securities and capital market regulator ### Securities and Exchange Commission of Pakistan Securities and corporate regulator of Pakistan; an IFSB observer member. - Pakistan - IFSB observer member - Public body [secp.gov.pk (official website)](https://www.secp.gov.pk/) Source: [IFSB: Membership, list of members](https://www.ifsb.org/membership/), checked on 30 September 2026 Securities and capital market regulator ### Securities and Exchange Commission (Nigeria) Capital market regulator of Nigeria; an IFSB associate member. - Nigeria - IFSB associate member - Sukuk - Public body [sec.gov.ng (official website)](https://sec.gov.ng/) Source: [IFSB: Membership, list of members](https://www.ifsb.org/membership/), checked on 30 September 2026 Insurance and takaful regulator ### National Insurance Commission (Nigeria) Insurance regulator of Nigeria, including takaful; an IFSB full member. - Nigeria - IFSB full member - Takaful - Public body [naicom.gov.ng (official website)](https://www.naicom.gov.ng/) Source: [IFSB: Membership, list of members](https://www.ifsb.org/membership/), checked on 30 September 2026 Banking regulator ### Banking Regulation and Supervision Agency (Türkiye) Banking regulator of Türkiye; an IFSB full member and AAOIFI regulatory member. - Türkiye - IFSB full member - AAOIFI regulatory member - Public body [bddk.org.tr (official website)](https://www.bddk.org.tr/) Source: [IFSB: Membership, list of members](https://www.ifsb.org/membership/), checked on 30 September 2026 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)](https://ojk.go.id/) Source: [IFSB: Membership, list of members](https://www.ifsb.org/membership/), checked on 30 September 2026 Financial centre regulator ### Labuan Financial Services Authority Regulator of the Labuan International Business and Financial Centre; an IFSB associate member. - Malaysia - IFSB associate member - Public body [labuanfsa.gov.my (official website)](https://www.labuanfsa.gov.my/) Source: [IFSB: Membership, list of members](https://www.ifsb.org/membership/), checked on 30 September 2026 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)](https://www.dfsa.ae/) Source: [IFSB: Membership, list of members](https://www.ifsb.org/membership/), checked on 30 September 2026 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)](https://www.adgm.com/) Source: [IFSB: Membership, list of members](https://www.ifsb.org/membership/), checked on 30 September 2026 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)](https://www.qfcra.com/) Source: [IFSB: Membership, list of members](https://www.ifsb.org/membership/), checked on 30 September 2026 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)](https://afsa.aifc.kz/) Source: [AAOIFI: AAOIFI Regulatory Members](https://aaoifi.com/aaoifi-regulatory-members/?lang=en), checked on 30 September 2026 ## Sandboxes and innovation hubs 10 Regulatory sandbox ### Bank Negara Malaysia Regulatory Sandbox Lets fintech solutions be tested with regulatory flexibilities, through a Standard Sandbox and a Green Lane. - Malaysia - Public body Reports to BNM [bnm.gov.my (official website)](https://www.bnm.gov.my/sandbox) Source: [Bank Negara Malaysia: Regulatory Sandbox](https://www.bnm.gov.my/sandbox), checked on 30 September 2026 Regulatory sandbox ### Securities Commission Malaysia Regulatory Sandbox and aFINity A controlled environment for capital-market innovations with investor safeguards, alongside the aFINity fintech initiative. - Malaysia - Public body Reports to SC Malaysia [sc.com.my (official website)](https://www.sc.com.my/development/digital) Source: [Securities Commission Malaysia: Digital (Regulatory Sandbox, aFINity)](https://www.sc.com.my/development/digital), checked on 30 September 2026 Regulatory sandbox ### Central Bank of Bahrain Regulatory Sandbox Lets startups, fintech firms and licensees test banking and financial solutions under the CBB FinTech & Innovation Unit's supervision. - Bahrain - Public body Reports to CBB [cbb.gov.bh (official website)](https://www.cbb.gov.bh/fintech/) Source: [Central Bank of Bahrain: FinTech & Innovation](https://www.cbb.gov.bh/fintech/), checked on 30 September 2026 Regulatory sandbox ### SAMA Regulatory Sandbox Framework for testing innovative financial products in Saudi Arabia, with eligibility, testing stages and exit set out in the SAMA Rulebook. - Saudi Arabia - Public body Reports to SAMA [rulebook.sama.gov.sa (official website)](https://rulebook.sama.gov.sa/en/regulatory-sandbox-framework) Source: [SAMA Rulebook: Regulatory Sandbox Framework](https://rulebook.sama.gov.sa/en/regulatory-sandbox-framework), checked on 30 September 2026 Regulatory sandbox ### CMA FinTech Lab (Saudi Arabia) Experimental environment where capital-market fintech products test their business models under an experimental permit. - Saudi Arabia - Public body Reports to CMA [cma.gov.sa (official website)](https://cma.gov.sa/en/Market/fintech/Pages/default.aspx) Source: [Capital Market Authority (Saudi Arabia): FinTech](https://cma.gov.sa/en/Market/fintech/Pages/default.aspx), checked on 30 September 2026 Regulatory sandbox ### DFSA Innovation Testing Licence The DFSA's licensed sandbox, letting holders test innovative products and services in the DIFC in a controlled environment. - United Arab Emirates - Public body Reports to DFSA [dfsa.ae (official website)](https://www.dfsa.ae/innovation) Source: [DFSA: Innovation (Innovation Testing Licence)](https://www.dfsa.ae/innovation), checked on 30 September 2026, [archived copy](https://web.archive.org/web/20251009/https://www.dfsa.ae/innovation) Regulatory sandbox ### MAS FinTech Regulatory Sandbox Lets financial institutions and fintech firms experiment with innovative financial services in Singapore within a defined space and duration. - Singapore - Public body Reports to MAS [mas.gov.sg (official website)](https://www.mas.gov.sg/development/fintech/regulatory-sandbox) Source: [MAS: Overview of Regulatory Sandbox](https://www.mas.gov.sg/development/fintech/regulatory-sandbox), checked on 30 September 2026 Regulatory sandbox ### HKMA Fintech Supervisory Sandbox Lets banks and partner technology firms run pilot trials with a limited number of customers before full compliance. - Hong Kong SAR - Public body Reports to HKMA [hkma.gov.hk (official website)](https://www.hkma.gov.hk/eng/key-functions/international-financial-centre/fintech/fintech-supervisory-sandbox-fss/) Source: [HKMA: Fintech Supervisory Sandbox (FSS)](https://www.hkma.gov.hk/eng/key-functions/international-financial-centre/fintech/fintech-supervisory-sandbox-fss/), checked on 30 September 2026 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)](https://www.fca.org.uk/firms/innovation/regulatory-sandbox) Source: [FCA: Regulatory Sandbox](https://www.fca.org.uk/firms/innovation/regulatory-sandbox), checked on 30 September 2026 Innovation hub ### FinHub 973 (Central Bank of Bahrain) A digital innovation platform by the CBB connecting financial institutions and fintechs under the central bank's supervision. - Bahrain - Public body Reports to CBB [cbb.gov.bh (official website)](https://www.cbb.gov.bh/fintech/) Source: [Central Bank of Bahrain: FinTech & Innovation](https://www.cbb.gov.bh/fintech/), checked on 30 September 2026 ## Market infrastructure, liquidity and deposit insurance 5 Exchange and market infrastructure ### Bursa Malaysia Berhad Malaysia's exchange holding company; listed by IFSB as an observer member. - Malaysia - IFSB observer member - Sukuk [bursamalaysia.com (official website)](https://www.bursamalaysia.com/) Source: [IFSB: Membership, list of members](https://www.ifsb.org/membership/), checked on 30 September 2026 Liquidity and refinancing ### Cagamas Berhad The Mortgage Corporation of Malaysia; provides liquidity to the financial system and issues sukuk among its funding instruments. - Malaysia - IFSB observer member - Sukuk - Liquidity management [cagamas.com.my (official website)](https://www.cagamas.com.my/) Source: [IFSB: Membership, list of members](https://www.ifsb.org/membership/), checked on 30 September 2026 Deposit insurance ### Perbadanan Insurans Deposit Malaysia (Malaysia Deposit Insurance Corporation) Deposit insurer of Malaysia; an IFSB associate member. - Malaysia - IFSB associate member - Public body [pidm.gov.my (official website)](https://www.pidm.gov.my/) Source: [IFSB: Membership, list of members](https://www.ifsb.org/membership/), checked on 30 September 2026 Deposit insurance ### Lembaga Penjamin Simpanan (Indonesia Deposit Insurance Corporation) Deposit insurer of Indonesia; an IFSB associate member. - Indonesia - IFSB associate member - Public body [lps.go.id (official website)](https://lps.go.id/) Source: [IFSB: Membership, list of members](https://www.ifsb.org/membership/), checked on 30 September 2026 Deposit insurance ### Nigeria Deposit Insurance Corporation Deposit insurer of Nigeria, covering deposit-taking institutions licensed by the CBN, including non-interest banks. - Nigeria - IFSB full member - Public body [ndic.gov.ng (official website)](https://ndic.gov.ng/) Source: [IFSB: Membership, list of members](https://www.ifsb.org/membership/), checked on 30 September 2026 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. Full name Email Name of the body Request type What should change Official source link I agree to the [privacy policy](https://islamicopenfinance.com/#privacy). Send request