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International Monetary Fund

. In particular, adaptation is needed in the areas of the governance, anti-money laundering and combat the financing of terrorism (AML/CFT), and the financial safety net. 3. Standards for the IB industry have been developed to complement international standards . The establishment in 2002 of the Islamic Financial Services Board (IFSB) 5 (based in Kuala Lumpur, Malaysia) with a mandate to develop prudential standards for IB and financial products, marked a milestone in the development of industry standards. The IFSB has established a number of important standards

International Monetary Fund. Middle East and Central Asia Dept.
This paper presents country experiences with reforms to strengthen regulatory oversight of the Islamic banking sector. Based on the selected country experiences, a number of important lessons and policy options can be drawn that have implications for the stable and sound development of Islamic banking. An enabling regulatory and institutional framework and a level playing field for conventional and Islamic banks is critical for the sound and stable growth of the Islamic banking industry. The country experiences also underscore the importance of providing an enabling framework while letting market forces determine the size of the industry.
International Monetary Fund. Middle East and Central Asia Dept.

by the Islamic Financial Services Board (IFSB) and Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). 4. Based on the selected country experiences, a number of important lessons and policy options can be drawn that have implications for the stable and sound development of IB . These include: An enabling regulatory and institutional framework and a level playing field for conventional and IBs is critical for the sound and stable growth of the IB industry. The country experiences underscore the importance of providing an

International Monetary Fund
This paper discusses the need for ensuring financial stability in countries with Islamic Banking (IB). IB continues to grow rapidly, in size and complexity, posing a challenge to supervisory authorities and central banks. The legal environment within which IBs operate can be complex and challenging and may have implications for financial stability. IBs operate in diverse legal environments, some of which are more evolved than others in providing strong legal underpinnings for IB. International governance standards apply to IB but need to be customized to consider IBs’ distinct governance features. Significant progress has been achieved in developing prudential standards for IB, although broader implementation and more consistent application are needed. Progress has been slow in developing IB’s liquidity management and money markets. In recent years, hybrid financial products in IB have emerged that replicate aspects of conventional finance in an IB context, raising financial stability concerns. The IMF has played an important role in promoting financial stability in IB jurisdictions, working closely with IB standard setters, and international organization to shape IB standards and promote best practices.
International Monetary Fund. Middle East and Central Asia Dept.
Mr. Andre O Santos and Douglas Elliott
Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief and written in nontechnical language, and so are aimed at a broad audience interested in economic policy issues. This Web-only series replaced Staff Position Notes in January 2011.
Douglas Elliott and Mr. Andre O Santos
This study assesses the overall impact on credit of the financial regulatory reforms in Europe, Japan, and the United States. Long-term cost estimates are provided for Basel III capital and liquidity requirements, derivatives reforms, and higher taxes and fees. Overall, average lending rates in the base case would rise by 18 bps in Europe, 8 bps in Japan, and 28 bps in the United States. These results are similar to the official BIS assessments of Basel III and an OECD analysis, but lower as a result of including expense cuts and reductions in the returns required by investors. As a result, they are markedly lower than those of the IIF.
Mr. Andre O Santos and Douglas Elliott

. Source: Company reports. References Abouhossein , K. ( 2010a ), European Banks – Regulatory Fears now Over-discounted , JP Morgan Europe Equity Research ( London ). Abouhossein , K. ( 2010b ), Global Investment Banks – Dodd/Lincoln Bill Analysis : Implications for the Structure of the IB Industry , JP Morgan Europe Equity Research ( London ). Abouhossein , K. ( 2011 ), All Eyes on Funding: LCR, the Next Undiscounted Headwind , JP Morgan Europe Equity Research ( London ). Abouhossein , K. et al. ( 2012 ), Global

Douglas Elliott and Mr. Andre O Santos

assets, for derivative reforms and tax changes : The costs are assumed to be spread evenly across the full range of bank activities. References Abouhossein , K. ( 2010a ), European Banks – Regulatory Fears now Over-discounted , JP Morgan Europe Equity Research ( London ). Abouhossein , K. , ( 2010b ), Global Investment Banks – Dodd/Lincoln Bill Analysis: Implications for the Structure of the IB Industry , JP Morgan Europe Equity Research ( London ). Abouhossein , K. , ( 2011 ), All Eyes on Funding: LCR, the Next Undiscounted