Background Members of the Task Force Updates
Press Releases Presentations & Papers Links


The Executive Committee of IOSCO gave a mandate to form a task force on Islamic capital markets at the 2002 IOSCO annual conference and meetings in Istanbul, Turkey on 23 May 2002.

With the Islamic capital market increasingly becoming a significant component of international global capital markets, its stability and proper regulation is a significant issue in the interest of the wider global financial infrastructure.

Furthermore, IOSCO considered that it would be timely to begin an appraisal of the status and level of development of Islamic capital markets around the world, bearing in mind the following circumstances:

  • Growth prospects of the Islamic capital market;
  • Lack of platform for Islamic capital market regulators to exchange views;
  • IOSCO’s profile as a leading international grouping of securities regulators and scope of objectives of securities regulation; and
  • Increasing international recognition given to Islamic banking by international organisations.

In light of these issues, IOSCO’s Executive Committee endorsed a fact-finding study to be undertaken via the task force. The task force aims to create greater awareness of Islamic financial products and activities globally, and has been entrusted to undertake a fact-finding study to–

  • assess the state of play and potential for development of Islamic financial products and activities;
  • determine any specific and/or general regulatory gaps in the area; and
  • enhance the level of knowledge of IOSCO member jurisdictions of financial products and activities based on Islamic principles offered across the globe.

Members of the Task Force

The task force is chaired by the SC and comprises the following IOSCO member jurisdictions.

Countries Commissions
(Chair of task force)
Securities Commission
Australia Australia Securities and Investments Commission
Indonesia Indonesia Capital Market Supervisory Agency
Jordan Jordan Securities Commission
Nigeria Securities and Exchange Commission
South Africa Financial Services Board
Thailand Securities and Exchange Commission
Turkey Capital Markets Board
Italy Commissione Nazionale per le Società e la Borsa
UK Financial Services Authority
US Securities and Exchange Commission


August 2002
  • The task force was established.
  • It comprises 11 IOSCO member countries namely Australia, Indonesia, Jordan, Malaysia, Nigeria, South Africa, Thailand, Turkey, Italy, the UK and US.
1 November 2002
  • The task force had its inaugural meeting in Kuala Lumpur, Malaysia at the conclusion of the emerging Market Committee (EMC) meetings hosted by the SC.
  • At the meeting, members deliberated on the terms of reference of the task force and endorsed a questionnaire drawn up to facilitate a fact-finding exercise on the global Islamic capital markets.
  • Iqbal Khan, Chief Executive Officer of HSBC Amanah Finance, Dubai shared his views on the prospects and challenges of the global Islamic debt capital market with members at the meeting.
27 November 2002
  • The final draft of the questionnaire was distributed to members of the task force, selected IOSCO member countries and various external parties for their responses.
  • The questionnaire sought to provide a survey of different jurisdictions’ experiences of Islamic financial products and activities.
  • It included questions on market overview, size and profile of the markets, regulation and compliance, market foundations such as tax system and accounting framework), market development and international issues.
  • The responses were due by mid-January 2003.
16 February 2003
  • The task force held its second meeting in Melbourne on 16 February 2003.
  • As part of the process of enhancing knowledge on the Islamic capital market, Rodney Wilson, Professor of Economics at the University of Durham, was invited to address task force members on his views regarding the regulatory challenges posed by Islamic capital market products and services.
  • Task force members were briefed on the progress of the mandate and the overview of the proposed outline of the report.
17 October 2003
  • The task force held its third meeting on the sidelines of the IOSCO Annual Conference in Seoul on October 17 2003.
July 2004
  • The task force completed its mandate and publicly released the Islamic Capital Market Fact Finding Report, Report of the Islamic Capital Market Task Force of the International Organization of Securities Commissions.

Press Releases

  • SC: Active engagement key to strengthening international confidence in Malaysian capital market
    (English / Bahasa Malaysia)
    (1 November 2002)
  • SC to lead international task force on Islamic capital market – SC Chairman re-elected to chair Asia-Pacific Regional Committee
    (English / Bahasa Malaysia)
    (30 May 2002)

Presentations and Papers

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