The International Organization of Securities Commissions (IOSCO), the Islamic Financial Services Board (IFSB) and the Securities Commission Malaysia issued a press release, on the increasing need to enhance and harmonise disclosure requirements in the Islamic capital market. IOSCO and the IFSB held a "roundtable" meeting, on 18 September 2012 attended by senior regulators, international institutions, academia and leading market practitioners from 16 jurisdictions which:
- Discussed the importance of effective disclosure requirements in facilitating greater cross-border Islamic capital market activities.
- Analysed the risks and challenges arising from inadequate disclosures in the area of sukuk and Islamic collective investment schemes.
- Identified potential approaches that can be adopted by standard-setters, regulators and market participants.
- IOSCO and the IFSB note that the meeting represents a significant step towards the development of international regulatory standards and best practices relating to disclosure requirements for Islamic capital market products.