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Aledjandro Lopez Mejia, Suliman Aljabrin, Rachid Awad, Mr. Mohamed Norat, and Mr. In W Song
This paper aims at developing a better understanding of Islamic banking (IB) and providing policy recommendations to enhance the supervision of Islamic banks (IBs). It points out and discusses similarities and differences of IBs with conventional banks (CBs) and reviews whether the IBs are more stable than CBs. Given the risks faced by IBs, the paper concludes that they need a legal, corporate and regulatory framework as much as CB does. The paper also argues that it is important to ensure operational independence of the supervisory agency, which has to be supported by adequate resources, a sound legal framework, a well designed governance structure, and robust accountability practices.
International Monetary Fund. Middle East and Central Asia Dept.

about 1¼ percent, and nonoil growth gradually rises above 3 percent. Inflation should remain under control, given low projected food price inflation and continued fiscal consolidation envisaged under a new fiscal rule. With oil prices expected to hover around $60 per barrel, the current account surplus is forecasted to remain sizeable. Public debt is set to decline relative to the size of the economy. Challenges remain, however, including fragilities in bank balance sheets, structural rigidities, governance weaknesses, and lack of transparency. Risks to the outlook

International Monetary Fund

, insurance companies, and pension funds, has been created. In order to monitor all credit positions held by regulated entities, the authorities are determined to complete and make operational a credit bureau by the end of this year, and draft legislation has been prepared to improve the efficiency of the payment system. Transparency, risk management, and regulation on related parties have been greatly improved. Progress in privatizations has been relatively slow, due to the difficulties of the electricity company KESH and the renegotiation of the sale of the

International Monetary Fund. European Dept.

Better Governance and Transparency RISKS TO THE PROGRAM A. Risks to Macroeconomic Outlook B. Risks to Program Implementation C. Strategy for Mitigating Program Risks and Uncertainties PROGRAM MODALITIES AND CAPACITY TO REPAY A. Access and Phasing B. Exceptional Access Criteria C. Capacity to Repay the Fund D. Program Monitoring and Conditionality STAFF APPRAISAL BOXES 1. Ukraine’s Dire Energy Finances 2. Balance Sheet Impact of Currency Depreciation 3. Exchange Rate and Reserve Adequacy Assessment 4. Energy Sector Reforms 5. Ukraine

International Monetary Fund

and options for reform; and on Fiscal Transparency, Risk and Accountability in the Post-Crisis Environment. 5. Threats to global financial stability and repairing banks. Healthy balance sheets are essential for banks to play an effective role in financial intermediation to support sustainable economic growth. In this connection, the lack of capacity of bank capital buffers in core advanced economies to withstand stresses is a concern, as it may, if not mitigated, lead to further deleveraging and asset price collapses that reverberate globally. The range of

International Monetary Fund

adjustment efforts, will be covered in Fiscal Policy and Employment in Advanced and Emerging Economies in July. A discussion of Fiscal Transparency, Risk, and Accountability in the Post-Crisis Environment will follow. Later in the year, we will also discuss Energy Subsidy Reform: Lessons and Implications. Jobs. Analytical work is underway on issues related to jobs and growth in Fund surveillance and programs, including social equality and inclusion; a Board paper is being considered for later in FY2013. The work will support the development of a surveillance

ANDRÉ ICARD

yesterday evening by one of the participants at this conference about the multiplication of standards. The standards and codes compendium run by the FSF Secretariat includes more than 60 items. For instance, in addition to the Core Principles, the Basel Committee has issued 17 standards in the domain of general and cross-border supervision, capital adequacy, disclosure and transparency, risk management in the banking sector, etc. In order to simplify the approach to standards and codes for emerging market economies, the FSF has identified a list of 12 key standards most

International Monetary Fund
The global economy has entered a dangerous new phase with severe downside risks. The Fund has been called by the IMFC to contribute to an orderly resolution of these tensions, and the membership must be prepared for bold action. Our first responsibility is to help develop and coordinate solutions to immediate threats to global stability, in particular to provide insightful analysis and policy advice to address fiscalfinancial vulnerabilities and rekindle growth and job creation. Yet we must also be prepared to fortify the global financial safety net. Secondly, we must redouble efforts to make the international monetary system (IMS) stronger in the longer term—through more effective surveillance and a clearer shared vision of the system’s key underpinnings.