Jurisdiction(s):
United Kingdom

Key definition

Board definition

What does Board mean? In legal practice, the board is the group of directors who collectively manage and supervise a company’s business and affairs. In the UK and Ireland the term is descriptive rather than statutory: company legislation (Companies Act 2006; Companies Act 2014 (Ireland)) generally refers to “the directors” and does not define “board”. The board is the company’s primary decision‑making body in a unitary governance model and typically includes executive and non‑executive directors. Acting subject to the company’s articles or constitution and directors’ statutory duties, it takes decisions at duly convened board meetings or by written resolutions, and may delegate authority...

Islamic finance standard-setters, institutions and Shari’ah governance: roles, memberships and standards of IFSB, AAOIFI, banks, subsidiaries and windows, and Shari’ah boards

Published by a LexisNexis Banking & Finance expert

Practice notes

This Practice Note sets out a high‑level summary of the principal standard‑setters and actors in the Islamic finance sector and their respective functions, covering the Islamic Financial Services board (IFSB), AAOIFI, the different categories of banks and other financial institutions that provide shari’ah‑compliant products and services, as well as Shari’ah supervisory boards or committees. It outlines who establishes the standards and who delivers or oversees services within the market...

Islamic Financial Services Board

The IFSB functions as an international standard‑setter, comprising regulatory and supervisory authorities with a vested interest in maintaining the soundness and stability of the Islamic financial services sector—defined broadly to cover banking, the capital market and insurance. Established in 2002 in Kuala Lumpur, Malaysia by the central banks of Bahrain, Iran, Kuwait, Malaysia, Pakistan, Saudi Arabia and Sudan, together with AAOIFI, the Islamic Development Bank and the International Monetary Fund, the IFSB works to nurture a prudent and transparent Islamic financial services industry by introducing new, or adapting existing, international standards that are consistent with Shari’ah principles, and recommending their adoption by its members...

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Web page updated on 21/05/2026

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