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07.02.2017

GCC VAT a test for Islamic Finance- Fitch


30.01.2017

Goldmoney adds Shariah-compliant methods to boost investment from Islamic markets


31.03.2016

Path Solutions joins CIBAFI, the world renown General Council for Islamic Banks and Financial Institutions


28.03.2016

"Kazakhstan Islamic Finance 2016: a new frontier for Islamic finance" country report


19.02.2016

Azerbaijan looks to new Islamic bank as sector rules progress


15.01.2016

Linar Yakupov received an award for his contribution to the development of Islamic finance industry in Russia


14.12.2015

The 2nd International winter school of Islamic law and economics has started in Kazan


09.12.2015

Russian financial experts are exploring options to launch Islamic Banking


IBFD Fund

Recent Comments

22.06.2016

Islamic banking will be most relevant to SME sector: Zafar Sareshwala

Interview with director and head of Islamic Corporation for Development's (ICD) India operations.

25.11.2015

Islamic Develop Bank calls for new Islamic microfinance structures

As the Shariah-compliant Islamic finance sector booms in the GCC region, the President of the Islamic Development Bank (IDB) Group, Dr. Ahmad Mohamed Ali, asked experts in the field to develop new Islamic microfinance structures.

14.09.2015

Dubai Silicon Oasis Authority and Thomson Reuters Reveal Key Findings of Digital Islamic Economy Report 2015

Dubai Silicon Oasis Authority (DSOA) and Thomson Reuters, with support from the Dubai Islamic Economy Development Centre (DIEDC) released the 'Digital Islamic Economy Report' for 2015, in collaboration with DinarStandard.

Core Principles for Islamic Finance: integrating with the Global Regulatory Framework

26.03.2015

«Core Principles for Islamic Finance: Integrating with the Global Regulatory Framework» – is the theme of the 12th IFSB Summit in this year.
Core Principles for Islamic Finance: integrating with the Global Regulatory Framework
The proposed Core Principles for Islamic Finance Regulation represent an advanced approach to the assessment of supervisory and stability regimes, one that is benchmarked against the new global regulatory architecture. The need for Core Principles arises in the context of the sustained growth of Islamic finance, and its increasing integration into the global economic system. These developments present a set of opportunities and challenges to its further prospects requiring a consistent, cross-national framework for its stability and resilience. While there are significant benefits to Islamic finance from the process of growth and international integration that is underway, there are corresponding challenges in building up the regulatory, supervisory and surveillance capabilities to contain vulnerability to cross-border volatility and contagion.

Currently, many regulatory authorities that are new to the regulation and supervision of the Islamic financial services industry face challenges in identifying the applicable principles and benchmarks for assessing the gaps in their existing structures as well as the appropriate policies in their jurisdictions in a manner that addresses the specificities of Islamic finance. The issuance of upcoming IFSB Core Principles for Islamic Finance Regulation will fill this gap and provide a framework for assessment of supervisory system for Islamic banking sectors, to be followed by similar principles for other sectors. The Core Principles are also aimed at protecting consumers and other stakeholders by ensuring that the rights of the various parties are recognised and respected. Moreover, the Core Principles serve to strengthen the linkages between the financial sector and the real economic sector, which underpins Islamic finance, and in ensuring that institutions offering Islamic financial services act in accordance with their fiduciary responsibilities in all their operations, especially in regard to fund providers.

The 12th IFSB Summit will focus on this major development in the supervision and monitoring approach to the Islamic financial services industry. In particular, various sessions in the Summit will address the role of the Core Principles in enhancing the regulatory consistency and resilience of the Islamic financial services industry as well as enabling the necessary frameworks and pre-conditions for the assessment of regulatory and supervisory regimes.

The Summit will also entail a sharing of experiences related to the challenges faced by both regulatory authorities and financial institutions in the adoption of the new Basel capital and regulatory frameworks, along with the progress towards the adoption of the IFSB's recent standards on stress testing, liquidity management and the revisions to the capital adequacy standard.

The important changes taking place in the global regulatory architecture provides the setting for Islamic finance to play a stronger role in real sector development and in facilitating cross border integration. With regional and international hubs for Islamic finance being discussed and planned across advanced jurisdictions and emerging markets alike, the Summit will provide an environment that supports greater dialogue amongst key players on this important set of issues.

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Malaysia's fast-growing Islamic finance sector benefits not only the Muslim world but also non-Muslim countries, said former Prime Minister Tun Abdullah Ahmad Badawi.

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