The Council's activities are aimed at developing international standards for the regulation and supervision of Islamic financial institutions, to implement effective corporate governance and risk management mechanisms, as well as to conduct research and capacity building of the staff in this field, and to assist member organisations in these matters.
Membership in this organization will enable the Central Bank to explore the experience of other countries and implement best international practices
in the regulation and supervision of Islamic financial institutions.
For reference: The Council was established in 2002 and is headquartered in Kuala Lumpur (Malaysia). Currently, the Council has 188 members, including 81 regulators and supervisors, 10 international intergovernmental organisations, 97 market participants. Also, the financial regulators of Kazakhstan, Kyrgyzstan and Tajikistan are members of the Council.
حَدَّثَنَا عَبْدُ اللَّهِ بْنُ مَسْلَمَةَ، عَنْ مَالِكٍ، عَنْ عَبْدِ الرَّحْمَنِ بْنِ عَبْدِ اللَّهِ بْنِ عَبْدِ الرَّحْمَنِ بْنِ أَبِي صَعْصَعَةَ، عَنْ أَبِيهِ، عَنْ أَبِي سَعِيدٍ الْخُدْرِيِّ، أَنَّهُ قَالَ: قَالَ رَسُولُ اللَّهِ صَلَّى اللَّهُ عَلَيْهِ وَسَلَّمَ: "يُوشِكُ أَنْ يَكُونَ خَيْرَ مَالِ الْمُسْلِمِ غَنَمٌ، يَتْبَعُ بِهَا شَعَفَ الْجِبَالِ وَمَوَاقِعَ الْقَطْرِ، يَفِرُّ بِدِينِهِ مِنَ الْفِتَنِ".
Sahih hadith: Narrated Abu Said Al-Khudri: Allah's Apostle said, A time will come that the best property of a Muslim will be sheep which he will take on the top of mountains and the places of rainfall (valleys) so as to flee with his religion from afflictions.
Reference: Sahih al-Bukhari 1: Chapter 2, Hadith 19.