Role of Regulatory Institutions and Standards-setting Institutions in Managing Economic and Financial Crisis and IFSB initiatives​

This topic examines the role of regulatory institutions and standard-setting bodies in managing economic and financial crises, with a focus on Islamic finance. It highlights how Shariah Supervisory Boards (SSBs) contribute to ensuring Shariah compliance while adapting to evolving financial challenges.

The study also explores the impact of the COVID-19 crisis in accelerating digitalisation within the Islamic financial industry and reshaping operational frameworks. It further discusses how regulatory institutions played a key role in maintaining financial stability and guiding institutions through the crisis.

Additionally, the paper reviews the responses of SSBs during the pandemic and highlights key initiatives introduced by the Islamic Financial Services Board (IFSB) to support resilience, governance, and effective crisis management within the Islamic finance sector.