February 20, 2009

An Islamic finance industry body announced on Friday regulations relating to collective investment schemes and the capital of sharia institutions to improve investor protection.The Kuala Lumpur-based Islamic Financial Services Board (IFSB), an umbrella group for Islamic financial regulators, said it had adopted guidelines to promote transparency for investors of collective investment schemes.

It also released rules on capital requirements for Islamic institutions involved in Islamic bond issuance and real estate investments.IFSB's regulations are not binding on the sector and compliance is voluntary, as is the case with those issued by other Islamic finance industry bodies.