Institutions offering Islamic financial services (IIFS)
The IFSB's umbrella term for Islamic banks, takaful institutions, Islamic windows and other Islamic financial institutions.
Institutions offering Islamic financial services is the term the IFSB uses for the entities its standards address. IFSB-31 defines them to include Islamic banks, Islamic insurance institutions, Islamic windows and other non-bank Islamic financial institutions such as fund management companies. Using one umbrella term lets IFSB standards apply across banking, takaful and capital markets.
Sources
This entry explains a term; it is not a Shariah ruling. Approving a product is for each institution's own Shariah board and regulator.
Related terms
Islamic windowThe part of a conventional institution, such as a branch or unit, that provides Islamic financial services.Capital adequacy (Islamic banks)Holding enough capital against risks; for Islamic banks, the IFSB adapts the Basel rules to each Shariah contract.Shariah supervisory boardAn independent panel of Shariah scholars that approves an institution's products and oversees its Shariah compliance.