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DFSA Registers Alliance RE as Ancillary Service Provider

The Dubai Financial Services Authority (DFSA) today announced that it has been admitted as an Associate Member of the Islamic Financial Services Board (IFSB), which serves as an international standard setting body of the regulatory and supervisory agencies that have a vested interest in ensuring the soundness and stability of the Islamic Financial Services industry.

‘Becoming a Member of the IFSB is an important step forward for the DFSA. The IFSB is one of the leading industry associations for Islamic finance and standard setting, and the DFSA looks forward to a productive relationship with the IFSB in our capacity as an Associate Member’, said Dr Habib Al Mulla, Chairman of the DFSA Board.

Mr David King, Acting Chief Executive of the DFSA added, ‘As a newly established regulator operating to international best practice standards, the DFSA considers its membership of the IFSB to be an important element in working with other organisations that seek to develop best practice standards in their own sphere of expertise’.

The objectives of the IFSB include the promotion of and development of a prudent and transparent Islamic Financial Services industry through introducing new, or adapting existing, international standards consistent with Shari’a principles, and recommending these for adoption and providing advice and Guidance on effective supervision to institutions offering Islamic products.

The IFSB also liaises and co-operates with relevant organisations currently setting standards for the stability and the soundness of the international monetary and financial systems and those of the Member countries.