Tashkent, Uzbekistan (UzDaily.com) —  The Central Bank of the Republic of Uzbekistan has joined the Islamic Financial Services Board (IFSB).

The IFSB is responsible for developing international standards for the regulation and supervision of Islamic financial institutions. Its activities include implementing modern corporate governance mechanisms, managing risks, conducting research, improving professional skills, and providing support to its members in these areas.

By joining the IFSB, the Central Bank of Uzbekistan gains opportunities to study the experiences of other countries and implement advanced international approaches to regulating and supervising Islamic financial institutions.

The IFSB was established in 2002 and is headquartered in Kuala Lumpur, Malaysia.

Currently, the Board has 188 members, including 81 regulatory and supervisory bodies, 10 international intergovernmental organizations, and 97 market participants.

Financial regulators from Kazakhstan, Kyrgyzstan, and Tajikistan are also members of the IFSB.