The Islamic Development Bank Group (IsDB) and the Islamic Financial Services Board (IFSB) have formalized a strategic partnership aimed at enhancing financial inclusion, stability, and sustainable growth within the global Islamic financial services sector.
The agreement was signed by IsDB Vice President of Operations Dr. Rami Ahmad and IFSB Secretary-General Dr. Ghiath Shabsigh during the 2026 Annual Meetings of the International Monetary Fund and the World Bank Group. The signing ceremony also included the presence of IsDB Group Chairman Dr. Muhammad Al-Jasser.
The collaboration framework is designed to reinforce institutional and strategic coordination between the two entities by leveraging their expertise and resources to promote sustainable economic development through Islamic finance. A key focus of the partnership is to advance regulatory frameworks that improve the safety and soundness of Islamic financial systems in IsDB member countries.
The agreement outlines a multi-year work plan encompassing institutional capacity building, the provision of technical assistance, and a closer alignment between the formulation of regulatory standards and their practical implementation. It also calls for joint research into emerging risks and opportunities affecting the Islamic finance industry, along with mechanisms for sharing best practices.
Dr. Ahmad emphasized the importance of supporting a robust global regulatory infrastructure for Islamic finance, describing the new framework as a means to elevate the partnership with the IFSB. He highlighted that the collaboration will enhance the operational efficiency and capacity of financial institutions across member states.
Dr. Shabsigh pointed out that the effectiveness of regulatory standards is contingent upon the capability of countries and institutions to apply them effectively. He underlined that IsDB’s five decades of experience in development finance can facilitate the translation of regulatory frameworks into more resilient financial ecosystems. Shabsigh also expressed his enthusiasm to broaden cooperation efforts between the two organizations.
Overall, this partnership aims to strengthen the foundations of Islamic financial services and contribute to inclusive economic growth by fostering sustainable practices and regulatory excellence in the sector.