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Business and Economics > Islamic Banking and Finance

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Cover IMF Staff Country Reports
Somalia: Technical Assistance Report-Bank Supervision and Regulation
International Monetary Fund. Monetary and Capital Markets Department
The purpose of the missions of Phase I was to develop a functional central bank, including establishing a modern banking supervisory regime. Especially, MCM provided TA missions under the Phase I that have focused on operationalizing banking license capacity, development of on and offsite supervisory capability, and other relevant areas.
Keywords:
risk rating system; audit report; bank ownership; Somali bank; banks in Somalia; bank's governance; CBS management; CBS directive; Mobile banking; Islamic banking; Bank licensing; Commercial banks; Bank regulation
Cover IMF Working Papers
The Nature of Islamic Banking and Solvency Stress Testing - Conceptual Considerations
Andreas Jobst and Mr. Juan Sole
This paper provides a conceptual overview of key aspects of the design and implementation of solvency stress testing of Islamic banks. Based on existing regulatory standards and prudential practice, the paper explains how Islamic finance principles and their impact on various risk drivers affect the capital assessment of asset-oriented financial intermediation under stress. The formal specification of these risk factors helps operationalize and integrate the stress testing of Islamic banks within established frameworks for financial stability analysis.
Keywords:
WP; stress testing; Islamic banking; Islamic finance principles; capital adequacy; shari’ah compliance.; Islamic bank; rate of return; market risk; operating income; interest rate; deposit base; financial system; asset performance; liabilities consist; Market risk; Credit risk; Islamic finance; Global; Middle East and Central Asia; Southeast Asia; Africa; counterparty risk of a bank; DCR bank; investment risk reserve; investment risk; counterparty risk; asset impairment; E. market risk
Cover IMF Staff Country Reports
Malaysia: Selected Issues
International Monetary Fund. Asia and Pacific Dept
This Selected Issues paper investigates impact of financial technology (FinTech) on Malaysia’s financial sector. Malaysia is digitally enabled to seize the opportunities brought by FinTech. Malaysian banks continue to dominate in deposits, lending and capital raising, but they have been gradually reducing their emphasis on physical distribution networks. The top five Malaysian banks have increased their technology-related spending over the past three years. Regulators have been mindful of developments outside of the traditional regulatory perimeter that could pose financial stability risks. Rapidly evolving technology is likely to bring multiple challenges to the financial sector. Regulatory requirements are an important component of operating in the FinTech space. Regulators must strike a balance between ensuring financial stability and consumer protection, while promoting innovation and competition. In order to address the lack of regulatory acumen among FinTech industry players, Bank Negara Malaysia has spearheaded various initiatives. A key challenge for Malaysian regulators is to strike a balance between reaping the benefits of FinTech and mitigating potential downside risks in both conventional and Islamic finance. Frequent refinements to regulations and supervision are required to keep pace with the highly dynamic nature of FinTech to balance benefits and risks.
Keywords:
ISCR; CR; firm; FinTech Association of Malaysia; start-up; Malaysia; tech company; Islamic FinTech; Co-working space; FinTech in Malaysia; Fintech firm; bank-Fintech partnership; Fintech; Digital currencies; Islamic finance; Mobile banking; Southeast Asia; Global; Asia and Pacific
Cover Law & Financial Stability
Law & Financial Stability
International Monetary Fund. Legal Dept.

Abstract

This volume comprises a selection of papers prepared in connection with a high-level seminar on Law and Financial Stability held at the IMF in 2016. It examines, from a legal perspective, the progress made in implementing the financial regulatory reforms adopted since the global financial crisis and highlights the role of the IMF in advancing these reforms and charting the course for a future reform agenda, including the development of a coherent international policy framework for resolution and resolution planning. The book’s unique perspective on the role of the law in promoting financial stability comes from the contribution of selected experts and representatives from our membership who share their views on this subject.

Keywords:
BOOK; bank; authority; central bank; enterprise; CCP participant; insolvency regime; enterprise group; risk management decision; IFSB standard; Bank resolution framework; Islamic banking; Financial sector stability; Bank resolution; Central counterparty clearing house; Global; Caribbean; Europe; Western Hemisphere; Sub-Saharan Africa; resolution authority; financial crisis; bank holding company
Cover IMF Staff Country Reports
Kuwait: Financial System Stability Assessment
International Monetary Fund. Monetary and Capital Markets Department
This Financial System Stability Assessment paper discusses that Kuwait’s limited economic diversification is directly reflected in the bank-centric financial sector. Banks have high concentrations to single borrowers, large depositors, and sectors, as well as significant common exposures. Risks to the financial sector are mostly external, stemming from oil price shocks, geopolitical tensions, and global financial developments. The risks are mitigated by sizeable sovereign financial assets, and by the ability of public entities to provide liquidity through large deposits. Stress tests suggest that banks are resilient to a wide range of shocks. The newly developed regulatory framework for capital market participants and products is an important step, but some gaps remain. The authorities have made important progress in strengthening the macroprudential framework. The crisis management framework and financial safety net arrangements should be strengthened and further operationalized. The diversification and resilience of the economy is expected to benefit from better financial inclusion of small-and-medium enterprises.
Keywords:
ISCR; CR; banking sector; central bank; liquidity ratio; capital market; financial system; CBK well; risk profile; Shariah board; market operation; CBK monetary policy framework; CBK bill; liquidity coverage ratio; CBK power; Financial sector stability; Islamic banking; Commercial banks; Capital markets; Global; Middle East; North Africa; East Africa
Cover Policy Papers
The Core Principles for Islamic Finance Regulations and Assessment Methodology
International Monetary Fund, World Bank, International Monetary Fund. Strategy, Policy, &, Review Department, International Monetary Fund. African Dept., International Monetary Fund. Legal Dept., International Monetary Fund. Middle East and Central Asia Dept., and International Monetary Fund. Monetary and Capital Markets Department
This paper provides a proposal to incorporate the Core Principles for Islamic Finance Regulation (Banking Sector) (CPIFR) issued by the Islamic Financial Services Board (IFSB), as part of the standards used in assessing the banking regulatory and supervisory regimes of relevant member jurisdictions under the Financial Sector Assessment Program (FSAP) and the Reports on Observance of Standards and Codes (ROSCs). The CPIFR largely reflects the order of the Basel Core Principles on Effective Banking Supervision (BCP), with five additional principles that are specific to Islamic banking operations. Thus, for countries that have systemically significant Islamic banking sector, the assessment of the banking regulation and supervision regime of the jurisdiction would be against the CPIFR (for fully Islamic banking systems) or BCP and the five additional core principles under the CPIFR (for dual banking systems). The Fund staff is seeking the endorsement of the Executive Board on this proposal.
Keywords:
PP; CPIFR standard; Islamic bank; IB sector; risk; assessment
Cover IMF Working Papers
Basel Compliance and Financial Stability: Evidence from Islamic Banks
Mohammad Bitar, Samy Ben Naceur, Rym Ayadi, and Thomas Walker
The paper provides robust evidence that compliance with Basel Core Principles (BCPs) has a strong positive effect on the Z-score of conventional banks, albeit less pronounced on the Zscore of Islamic banks. Using a sample of banks operating in 19 developing countries, the results appear to be driven by capital ratios, a component of Z-score for the two types of banks. Even though smaller on Islamic banks, individual chapters of BCPs also suggest a positive effect on the stability of conventional banks. The findings support the effective role of BCP standards in improving bank stability, whose important implications led to the Islamic Financial Services Board (IFSB) publication of new recommendations in 2015 to bring BCP standards in line with the Core Principles for Islamic Finance Regulation (CPIFRs) standards. Our findings suggest that because Islamic banks are benchmarked closely to BCPs, the implementation of CPFIRs should also positively affect their stability.