The new IFSB guiding principles were meant to replace the existing framework of Basel Committee on Banking Supervision BCBS. guidelines used in all the banks and financial institutions across the world.

Question

Quizplus · Accepted Answer

The IFSB (Islamic Financial Services Board) guiding principles are designed to complement the existing BCBS (Basel Committee on Banking Supervision) guidelines, not to replace them. They provide a framework tailored for Islamic financial institutions, which operate alongside conventional ones.

The New IFSB Guiding Principles Were Meant to Replace the Existing