IFSB Issues Exposure Draft of Technical Note on Recovery and Resolution for IIFS; Invites Feedback

The Islamic Financial Services Board (IFSB) has issued the Exposure Draft of Technical Note-4 (ED TN-4) on Recovery and Resolution for Institutions Offering Islamic Financial Services (IIFS), according to a statement issued on the 15th of November 2021.

Why it Matters?

The ED TN-4 intends to add to the existing Financial Stability Board’s (FSB) Key Attributes (KAs) by providing complementary standards and information on the features of Islamic finance and Shariah compliance requirements relevant to each KA. Furthermore, the Technical Note on Recovery and Resolution (TNRR) aims to offer guidance that considers Shariah specificities related to the high-level recovery and resolution framework and recovery planning process for IIFS, that are not co...