Ta Ha PERCH MV CIco ee} Mmm MESSAGE BY THE SECRETARY - GENERAL ¥ IFSB ANNIVERSARY We welcome the year 2023 with optimism and sincerely hope that 2003 -2023 everyone celebrated the new year safely and in good health with their ce anancaaengin cea loved ones. CONTENTS ‘This year, our focus was on celebrating our 20th Anniversary, which marked a significant milestone for the IFS8. From March 2003 to HIGHLIGHTS March 2023, the IFSB has witnessed remarkable growth, expanding 02 from 9 members to 187 members worldwide, Our membership now sTRATECIC includes 80 regulatory and supervisory authortes, 10 international TOLLABORATIONS inter-governmental organizations, and 97 matket players comprising 04 financial institutions, professional firms, industry associations, and stock exchanges, operating across 57 jurisdictions. EVENTS AND IMPLEMENTATION OF IFSB We kickstarted our activity with the 58th Technical Meeting hosted by STANDARDS the Central Bank of Oman (CBO) and alongside this meeting, our 06 Implementation team conducted FIS and CBM workshops, aiming to Increase the Implementation rate and provide support to the MEETING AND Registry and Sopartsry Autores RSA) and mae payersin FECHA Oman. Additonal, in March, we introduced our first-ever FIS Mt Workshop in French, adding value for our members from French- ‘speaking jurisdictions. The French workshop received positive PUBLICATIONS AND feedback, and we hope to continue and expand such unconventional RESEARCH PAPERS initiatives in the future. 09 UPCOMING EVENTS As partof our commitment te humanitarian efforts, the FSB launched a Humanitarian Aid Initiative to suppor our brotners and sisters in Turkey and Syria. Despite uncertainties and the possibilty of an E-LEARNING economic downturn, we remain steadfast in pursuing our goals " outined inthe Strategic Performance Plan 2022-2024 ferien STANDARDS, In ght of this, ts essential that we remain focused on the tasks at GUIDING hand and strive for positive outcomes despite the numerous PRINCIPLES. challenges. The future of the IFSB depends on its people, and we can TECHNICAL NOTES, AND WORKING only progress in terms of people and organizational development by working together as a team, | am genuinely excited about collaborating with all of you on various initiatives throughout this year. PAPER SERIES 12 Dr. Bello Lawal Danbatta, Secretary-GeneralMS HIGHLIGHTS The IFSB Celebrates 20 Years of Growth and Excellence We are glad to celebrate our 20th Anniversary this year, which marks a significant milestone for the Islamic Financial Services Board (IFSB). From March 2003 to March 2023, the IFSB_ registered remarkable growth, with members expanding from 9 to 187 worldwide. This includes 80 regulatory and supervisory authorities, 10 international inter- governmental organizations, and 97 market players across 57 jurisdictions. The IFSB was established on 10 March 2003, founded by a consortium of central banks from jurisdictions offering Islamic finance worldwide, along with the Islamic Development Bank. At a time when Islamic finance was gaining global prominence, there was a pressing need for structured support and guidance in the growing international financial landscape. Thus, the IFSB was formed in 2002 with the aim of harmonising prudential standards across different jurisdictions and establishing best practices in the Islamic Financial Services Industry (IFSI) worldwide. mandate focuses on promoting the soundness and resience of the IFSI Hts core Since its inception, the IFSB has shown exceptional commitment and received unwavering support from all its members, particularly the governing bodies such as the Council, Executive Committee, and Technical Committee, ‘The IFSB has issued 36 Standards, Guiding Principles, and Technical Notes for the IFSI, covering various areas including Islamic banking, Islamic capital markets, and takaful sectors. ‘Additionally, the organisation has issued numerous research working papers. Dr. Bello Danbatta expressed his gratitude, stating, "The anniversary celebration is an excellent occasion to celebrate the IFSB's success in the past, to boost the present, and for future aspirations". He also acknowledged the stakeholder's contributions to the sustainability of the IFSB over the past two decades. In ensuring the soundness and stability of the Islamic financial services industry, the IFSB will continue to promote the development of a prudent and transparent Islamic financial services industry by introducing new, or adapting existing international standards consistent with Shar'ah principles, and recommends them for adoption. &> 187 & S s REGULATORY & SUPERVISORY 80 AUTHORITIES INTERNATIONAL ORGANISATIONS MARKET 97 PLAYERS FROM S7 JURISDICTIONS PUBLISHED STANDARDS GUIDANCE NOTES TECHNICAL NOTES PROCEEDINGS 2 WORKING PAPER pacar Oy 24 BULLETINSMS HIGHLIGHTS The ISO ule he mandate by fostering sacle colaboraive efits an plore m aves of common = MEETINGS interest, with the aim of enhancing knowledge and proficiency in Islamic finance globally. IFSB -FIS necroaer mss sere "2""" AWARENESS G-o-Y) growth rate of 1.3%, Notably, significant PR 0 G R AM M ES Improvement was observed across all three segments of the IFSI, particularly in Islamic banking and the Islamic capital market. ‘The IFSB takes this opportunity to express its gratitude to all its members, employees, and stakeholders for their exceptional and unwavering commitment and support throughout these two decades, as the organisation continues its journey into the future. as eno tr ‘The 59th IFSB Technical Meeting ‘The 58th IFSB Technical Meeting hosted by the Central Sank of Oman (CBO) aimed at enhancing the level of understanding and awareness of IFSB standards among local regulators and industry players. Saud Al Busaiai ‘Acting General Manager, of CBO chaired the 2-day hybrid meeting, while the IFSB was represented by the Secretary-General, Dr. Bello Lawal Danbatta The Technical Committee is responsible for advising the Council on technical issues within its terms of reference (as determined by the Council) and to steer the direction of the IFSB's technical work agenda, in line with IFSB's vested interest in ensuring the soundness and stability of the Islamic financial services industry. In Conjunction with the meeting, the IFSB has successfully conducted two (2) parallel workshops: + Capacity Building Workshop for Market Players (CBM), jointly organised with Central Bank of Oman (CBO), on 13 - 14 March 2023 ‘+ Facilitating the Implementation of IFSB Standards (FIS) Workshop for Capital Market Authority (CMA) of (Oman on 13 March 2023 ‘The CBM workshop commenced with opening remarks by Mr. Malik Abdulla Said Al Maroogi, Advisor to the Executive President, and followed by welcoming remarks delivered by Dr. Bello Lawal Danbatta, Secretary- General of IFSB. While the FIS Workshop for CMA was opened with introductory remarks from Dr. Bello Lawal Danbatta. Both workshops were designed to include topics covering Islamic banking, Islamic capital markets and Takaful sectors. Both workshops gathered more than 70 participants from both Regulatory and ‘Supervisory Authorities (RSAs) of Oman, including various local market players of the Islamic finance industry. 03LSS aia Bi “The Delegates of the 5atn IFSB Technical Meeting STRATEGIC COLLABORATIONS Courtesy visit to the host of 59th Technical Committee Meeting, the Central Bank of Oman The IFSB paid a courtesy visit to the Central Bank of Oman (CBO), the generous host of the 59th Technical Committee meeting, IFSB's delegation was led by Dr. Bello Lawal Danbatta, the Secretary-General, and welcomed by HE. Tahir Salim Abdullah Al Amri, Executive President, and Mr. Rashid Zayid Mohammed Al Ghassani, Executive Vice President for Supervision and Regulation Sector of the Central Bank of Oman respectively. Dr. Beto Lawal Danbatta presented a Token o appreciation to HE. Tahir Salim Abdullah l Am ‘The IFSB also has successfully conducted two (2) parallel workshops with CBO and the Capital Market Authority (CMA) of Oman. Both workshops gathered more than 70 participants from both the Regulatory and Supervisory Authorities (RSAs) of Oman, including various local market players in the Islamic finance industry. man's Islamic banking sector grew to a notable position. Its market share is expected to rise steadily in 2023-2024 after reaching 16.4 per cent of total sector assets at end- 2022 Dr. Bello Lawal Danbatta presented a token of appreciation to Mr. Rashid Zayid Mohammed Al Ghassani 4Courtesy visit to Bank Nizwa ‘The IFSB also paid a courtesy visit to Bank Nizwa to strengthen bi-lateral ties between the IFSB and Bank Nizwa in the field of Islamic finance. Bank Nizwa has been ‘a member of the IFSB since 2013. Bank Nizwa Is Oman’s first dedicated Islamic bank, with fully Shar'a-compliant products and services. The Bank offers an entire portfolio of commercial banking services, in accordance with the license issued by the Central Bank ‘of Oman (CBO) and the Banking Law promulgated by the Royal Decree No. 114/200, IFSB’s delegation was led by Dr. Bello Lawal Danbatta, the Secretary-General, and received by Mr. Khalid Jamal Al Kayed, the CEO of Bank Nizwa, ‘The IFSB Extend Condolences to the People of Turkey The IFSB had the honour to pay the Turkish Embassy here in Kuala Lumpur a visit to extend Its sincere and profound condolences to the people of Turkey on 2 series of earthquakes that have affected Turkey and Syria since early February. The IFSB team represented by Secretary-General, Dr. Bello Lawal Danbatta and Assistant Secretary-General, Implementation and Resources, Mr. Suhail Al Zadjali was well received by the Ambassador, H.E Emir Salim Yoksel. ‘The IFSB Family express empathy for the affected and wishes a quick recovery for Turkey and Syria, ‘The IFSB Humanitarian Aid for Turkey and Syria Dr. Bello Laval Danbatta presented a token of appreciation to Mr. Khalid Jamal Al Kayedsani IL-R: Mr. Suhail Al Zagal, HE Emir Salim Yoksel, and Dr Bello Lawal Danbatta. ‘The IFSB's humanitarian aid initiative led by Dr. Bello Lawal Danbatta, Secretary General of the IFSB was carried out on 20th February 2023, aimed at supporting our dear brothers and sisters in Turkey and Syria. Members of the secretariat collected items through an internal donation drive. The donations then were handed over to the Malaysian Red Crescent to be delivered to the affected regions. 05SS EVENTS & IMPLEMENTATION OF IFSB STANDARDS Capacity Building Workshop for Market Players (CBM Workshop) for Oman’s banking sector In conjunction with the §9th Technical Committee meeting, the IFSB jointly with the Central Bank of Oman conducted @ two-day workshop on 13-14 March 2023 in Muscat (Sultanate of Oman). The Secretariat presented three Islamic banking standards on Guiding Principles on Liquidity Risk Management for Institutions offering Islamic Financial Services (\FSB-12), Guidance Note on Quantitative Measures for Liquidity Risk Management (GN-6) and Revised Capital Adequacy Standard (IFSB-23). ‘The workshop, covering Islamic banking standards on liquidity and capital adequacy requirements, attracted ‘great interest among the participants, as both are topical issues for the current Islamic banking sector in Oman, CBM Workshop is part of IFSB's capacity-building initiatives to enhance the understanding of relevant market players in Oman on Islamic banking practices based on recommendations from the IFSB standards. Dr. Bello Lawal Danbatta, Mr. Mallk Abdulla Said Al Marooql together withthe secretariats and the participants of the ‘Capacity Building Workshop Facilitating Implementation of IFSB Standards (FIS) Workshop for Capital Market Authority (CMA) of Oman The FIS workshop for the CMA of Oman was tallored to discuss a number of IFSB Standards pertaining to Islamic capital markets and Takaful sectors, including IFSB-20: Key Elements in the Supervisory Review Process of Takaful/Retakaful Undertakings and IFSB-21: Core Principles for Islamic Finance Regulation [Islamic Capital Market Segment] ‘The workshop took place on 13 March 2023 in Muscat and was hosted by the CMA of Oman. The IFSB Workshops are a part of the Secretariat's support to its members under the capacity development initiatives within the Strategic Performance Plan for 2021-2024. The participants of the FIS workshop with the IFSB Secretariats 06Facilitating the Implementation of the IFSB Standards (FIS) Workshop for the Financial Services Atoritas Jasa Keuangan (OJK) on Capital Adequacy The Secretariat was invited and welcomed by the Indonesian financial services sector regulator and supervisor - the (JK, which Is IFSB's full member. The workshop took place in Ball, Indonesia on 13-14 March 2023, and was a Continuation of the workshop on Revised Capital Adequacy Standard (\FSB-23) that has been conducted in October 2022 online Within this FIS Workshop tailored specifically to the jurisdiction's needs, the Secretariat discussed the issues on capital requirements related to the operational risk, Islamic financing and investment contracts, Sukuk and Real Estate activities. The workshop has been supported by the Director of the Islamic Banking Department Ibu Nyimas Rohmah, the Deputy Director of the Regional Office Bapak Budi Susetiyo and the Human Resource Director, Moh. Nu‘man Rizal - f ofalp Standard IFSB-23: Revised Capital Adequacy Stand IFSS Secretariats with representatives from 04K during the workshop ‘ating Implementation of | IFSB ‘Standards (FIS) Workshop (French) The IFSB conducted the first ever Facilitating the Implementation of IFSB Standards (FIS) Workshop in French on 2nd March 2023, as a way to add more value to our members from French-speaking jurisdictions. The FIS Workshop focused on 2 standards: IFSB-1 on Risk Management and IFSB-17 on Fundamentals of Islamic Finance Regulation, which are crucial elements for the prudential regulation of Islamic banking institutions. The inaugural French workshop was well received by participants. The IFSB will continue such Dr. Hechem Ajmi, the IFSB Secretariat delivering the FIS efforts to increase awareness and understanding of workshop IFSB standards, and ultimately accelerate their Implementation in the member jurisdictions. oOMEETING AND TECHNICAL UPDATES ‘6th Working Group Meeting - Revised Guiding Principles on Corporate Governance for Institutions Offering Islamic Financial Services - [Banking Segment] The 6th Working Group meeting for the Revised Corporate Governance for Islamic banking segment was conducted online on 30th January 2023. The meeting discussed comments and suggestions received from the first Shari'ah review meeting and the Working Group members on the Revised Preliminary Exposure Draft (RPED). The Working Group members resolved that the RPED is now ready to be submitted to the next Technical ‘Committee (TC) meeting to obtain approval for the public consultation. Participants of the 6th Working Group Meeting - ‘On 18th March 2023, The TC approved the publishing of Revised Guiding Principles on Corporate Governance for the Exposure Draft for a public consultation period of 60 banned ee be a Shel days. The public consultation shall include a public rae acd hearing and a roundtable session for feedback from the public on the Exposure Draft. 6th Working Group Meeting Conduct of Business Super ision in Takatul Undertakings The IFS8 Council approved the development of the Conduct of Business Supervision in Takaful Undertakings (CBST) standard at its 37th Meeting in December 2020. The project was launched on. 1 September 2021 to provide guidance for RSAs on promoting fairness, consumer protection, and stability in takaful markets, while also addressing Shari'ah compliance, consumer education, digital distribution, land risk-based supervision, ‘The CBST Working Group has held multiple meetings ‘and has completed the 1st Shariah Board review. Participants of the 6th Working Group Meeting Conduct of Currently, the project is pending approval of the See Tenia eraser aanaaieeie Technical Committee to issue an Exposure Draft for public consultation. ‘8th Joint Working Group Meeting - IFSB-AAOIFI Revised Shariah Governance Framework The 8th joint working group meeting on IFSB-AAOIFI Revised Shariah Governance Framework (RSGF) was held on 12 January 2023 with the primary goal to consider the requested changes to the Revised Exposure Draft based on the public consultation comments and on the IFSB Technical Committee resolution, The suggested changes were thoroughly discussed by the joint working group, and the RSGF was updated and finalised for the second Shariah board review. Parteipants of the &th Joint Working Group Meating = IFS8- ‘AAOIFI Revised Shariah Governance Framework 08THE IFSB PUBLICATIONS Ieee n yd gS) eye egohos asltsiyeenrs| pelle Sal rie iGb 1S FSB SUMMIT PROCEEDINGS 2021 Advancing the IFSB Operations to Meet Industry and Stakeholder Expectation - Achievements of Strategie Performance Plan 2019- ‘A Focus Strategy Paper was formulated in 2018 to strategically enhance the IFSB’s operational framework. In essence, the paper deep-dived and analysed the dynamics of IFSB stakeholders’ expectations and placed paramount importance on each to play a more substantial role based on the IFSB mandate. The paper formed the basis upon which the IFSB Strategic Performance Plan (SPP) 2019- 2021 was later structured and cascaded into four Key Strategic Focus ‘Areas (SKRA). ‘The SPP 2019-2021 was aimed at reflecting the strategic vision, enhancing operational efficiency, and ensuring the institutional resilience of the IFSB against challenges that were to come in the following years. These objectives were pursued with due cognisance to the dynamics of the global financial ecosystem, expectations, and satisfaction of stakeholders in the Islamic Finance Services Industry (FSi), and activities of other international financial standard-setting organisations. ‘The 3-year period covered by the SPP witnessed some challenges including oll and commodity prices volatility, geopolitical sanctions, accelerated digital transformation, and notably the COVID-19 Pandemic and its consequential effect on both lives and livelihoods on an unprecedented global scale. The IFSB, guided by its mandate, strategic farsightedness, and support from its various governance structures recalibrated its approaches to ensuring seamless organisational operations. ‘The 15th IFSB Summit Proceedings ‘The IFSB Summit is a landmark event for the Islamic financial services industry. It constitutes a major high-level platform for key regulators, global market players, and leaders and thought leaders to discuss the regulatory direction of the industry to strengthen its resilience and stability further. The theme of the IFSB 2021 Summit is “Islamic Finance and Digital Transformation: Balancing Innovation and Resilience". The Summit focuses on fostering innovation, technological adoption, accessibility, and sustainability in the Islamic financial system to boost its growth and development and the policy implications of rapid digital transformation. n addition, the summit highlights the work to be done ‘moving forward to strengthen Islamic Finance Services’ resilience and stability. The rise of technology shapes financial services across banking, capital markets, and taKaful, giving rise to new modes of financial intermediation such as crowdfunding and_blockchain solutions. These exciting changes and developments require authorities and jurisdictions to balance resilience and innovation, ‘hich the IFSB 2021 Summit explores throughout the sessions. yak) SCAN THE OR CODE FOR ALL IFSB PUBLICATIONS [m}; 09UPCOMING EVENTS AWARENESS PROGRAMME MEETINGS IFSB-FIS WORKSHOP 6th IFSB Executive Programme on Effective Regulation and Supervision of Takaful Institutions 23/05/2023 - 24/05/2023 Public Consultation on IFSB Exposure Draft (ED-29) Conduct of Business Supervision in Takaful Undertakings 10/05/2023 Public Consultation on IFSB Exposure Draft (ED-30) - Revised Guiding Principles on Corporate Governance for Institutions Offering Islamic Financial Services (Banking Segment) 02/05/2023 - 03/05/2023 IFSB 2023 Annual Meetings and Side Events 14/08/2023 - 16/08/2023 9th Executive Committee Meeting of the IFSB (2nd Session) 10/07/2023 - 10/07/2023 4th Task Force Meeting of Technical Note on Macroprudential Tools for lIFS (Banking Segment) 31/05/2023 - 31/05/2023 9th Executive Committee Meeting of the IFSB 22/05/2023 IFSB Extraordinary Meeting of the Technical Committee 18/05/2023 1st Task Force Meeting on Recovery and Resolution of Takaful Undertakings 04/05/2023 Sth IFSB IFSI Stability Report 2023 Quality Improvement Committee 05/04/2023 19th Task Force Meeting on Prudential and Structural Islamic Financial Indicators (PSIFIs) 04/04/2023 Regional Facilitating Implementation of IFSB Standards (FIS) Workshop (Arabic) 16/05/2023 FIS Workshop on Islamic Capital Market - SEC Nigeria (Online) 08/05/2023E-LEARNING ee Teal 4 platform CeneeeT ree Islamic banking Takaful Islamic capital market Cross-sectors Available courses ~4 The IFSB Overview 158-1 Guiding Principles of Risk Management for IFSSE STANDARDS, GUIDING PRINCIPLES, TECHNICAL NOTES AND WORKING PAPER SERIES IFSB-28 : Revised Solvency Requirements for Takaful Retakaful Undertakings. 188-27: CorePrinciples for Islamic Finance Regulation [Takiful Segment] IFSB-26 _: CorePrinciples for Islamic Finance Regulation (Financial Market infrastructures) 1FS8-25 _: Disclosures to Promote Transparency and Market Discipline for Takaful/Retakaful Undertakings |FS-24 — : Guiding Principles on investor Protection in Islamic Capital Markets IFsB-23 : Revised Capital Adequacy Standard For Insitutions Offering lslamic Financial Services [Banking Segment] irso.22 _ , Revised Standard on Disclosures to Promote Transparency and Market Discipline for Institutions Offering Islamic Financial Services [Banking Segment] 1FS8-21 _: Core Principles for Islamic Finance Regulation [Islamic Capital Market Segment) 1FSB-20 _: Key Elements in the Supervisory Review Process of Takiful/Retakaful Undertakings irsa-19 _ ; Sviding Principles on Disclosure Requirements for Islamic Capital Market Products (Suktk and Islamic Collective Investment Schemes) 1FSB-18 : Guiding Principles for Retakaful (Islamic Reinsurance) 1FS8-17 —: CorePrinciples for Islamic Finance Regulation (Banking Segment) isp-1e _ ; Revised Guidance on Key Elements n The Supervisory Review Process of Institutions Offering Islamic Financial Services (Excluding Islamic Insurance (Takaful) Institutions and Islamic Collective Investment Schemes) trsp-ts Revised Capital Adequacy Standard for institutions Offering Islamic Financial Services Excluding Istamie Insurance (Takatul Institutions and islamic Collective Investment Schemes} IFSB-14__: Standard On Risk Management for Takful (Islamic Insurance) Undertakings IFS8-13 _: Guiding Principles on Stress Testing for Institutions offering Islamic Financial Services 1FSB-12 : Guiding Principles on Liquidity Risk Management for Institutions offering Islamic Financial Services, IFSB-11_: Standard on Solvency Requirements for Takaful (Islamic Insurance) Undertakings IFSB-10_: Guiding Principlos on Shari'ah Governance Systoms for Institutions offering Islamic Financial Services 1FS8-9 —_: Guiding Principles on Conduct of Business for Institutions offering Islamic Financial Services IFSB-8 _: Guiding Principles on Governance for Takaful (Islamic Insurance) Undertakings IFSB-7_: Capital Adequacy Requirements for Sukak, Securitisations and Real Estate Investment IFSB-6 _: Guiding Principles on Governance for Islamic Collective Investment Schemes ‘Guidance on Key Elements in the Supervisory Review Process of Institutions offering Islamic Financial Services FS8-5 (excluding Islamic Insurance (Takéful) Institutions and lslamic Mutual Funds) iFsp-4 _, Disclosures to Promote Transparency and Market Discipline for institutions offering Islamic Financial Services {excluding Istamic Insurance (Takaful Institutions and Islamic Mutual Funds) irsp-2 _; Stiding Principles on Corporate Governance for institutions offering only Islamic Financial Services (Excluding Islamic Insurance (Takiful) Institutions and Islamic Mutual Funds) irsa.2 _, S2Pltal Adequacy Standard for Institutions (other than Insurance Insitutions) offering only Istamie Financial Services (HFS) irsa-1 __, Sulding Principles of Risk Management for Institutions (other than Insurance institutions) offering only Islamic Financial Services (FS) IADLFSB__: Core Principles For Effective Islamic Deposit Insurance Systems ny ™ ‘Technical Note on Recovery and Resolution for Institutions Offering Islamic Financial Services, $3 ‘Technical Note on Financial Inclusion and Islamic Finance TN-2 _: Technical Note on Stress Testing for Institutions Offering Islamic Financial Services (IFS) ag ‘Technical Note on Issues in Strengthening Liquidity Management of institutions Offering Islamic Financial Services: ‘The Development of Islamic Money Markets ENS GN-8 —_: Guidance Note on Deepening the Islamic Capital Markets ©N-7 _: Guidance Note on Shari'ah-compliant Lender-Of-Last-Resort Facil: on-6 _; Stidance Note on Quantitative Measures for Liquidity Risk Management in institutions Offering slamie Financial Services [Excluding Islamic Insurance (TakAful) Institutions and Islamic Collective Investment Schemes) on-s _, Stidance Note on the Recognition of Ratings by external Credit Assessment institutions (ECAIS) on Takaful and RoTaksful Undertakings on-4 _; Stidance Note in Connection with the IFSB Capital Adequacy Standard: The Determination of Alpha the Capital ‘Adequacy Ratio for Institutions (other than Insurance Institutions) offering only Islamic Financial Services GN-3_: Guidance Note on the Practice of Smoothing the Profits Payout to Investment Account Holders ong _ Dtldance Noten Connection withthe Riek Management and Capital Adequacy Standards: Commodity Murdbahah en-1__; Stidance Note in Connection with the Capital Adequacy Standard: Recognition of Ratings by External Crelit ‘Assessment Institutions (ECAls) on Shar?ah-compliant Financial Instruments 228 5s jal 27 pds shaal 2665) al 2565 taal 24 dy jal 23 yell 22 dy Aaa 2st 20 sana 10 sj 18 sal ody anal 16 sal 155s 14g al 13655 jlanall 128 sant Miyata 1065, sana 865s nal 8655 laa 75s haul 868s anal Sey nal 465; 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