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Archive for the ‘Regulatory and Supervisory Framework’ Category

New IFSB chief faces challenging task

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Points of Essence

  • The change of leadership at the Islamic Financial Services Board has set yet another challenge for the new chief to spearhead a greater inclusion of the global financial community in the sphere of Islamic finance
  • While his predecessor has successfully put in place the institutional workings of the IFSB, the new chief will need to command a greater authority and respect to bring Islamic finance in parallel with the global financial system.     

By MUSHTAK PARKER | ARAB NEWS

Published: May 8, 2011 19:39 Updated: May 8, 2011 19:39

Jaseem Ahmed officially took over at the beginning of this month as the new secretary general of the Kuala Lumpur-based Islamic Financial Services Board (IFSB), the prudential and supervisory standard-setting organization for the global Islamic financial industry. He succeeds a prominent predecessor, Professor Rifaat Abdel Karim, who has been at the helm of the board for the last 8 years since it started operations in March 2003.

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Written by Suapi Shaffaii

May 9, 2011 at 10:29 pm

End of journey for Rifaat at the IFSB

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Points of Essence

  • There has been a shift of stewardship at the Islamic Financial Services Board since April this year.
  • An interview with the IFSB’s former Secretary General, Prof. Rifaat Abdel Karim, will shed some lights into the pioneering efforts behind the establishment of the IFSB and the challenges it faced to emerge a global Islamic financial authority.      

By MUSHTAK PARKER | ARAB NEWS

Published: May 8, 2011 19:39 Updated: May 8, 2011 19:39

Professor Rifaat Abdel Karim is the inaugural secretary general of the Kuala Lumpur-based Islamic Financial Services Board (IFSB), the multilateral prudential and supervisory standard setting organization for the global Islamic financial services industry. He was appointed in November 2002 and the board officially started operations in March 2003. During his watch, the organization increased from its nine founding members to 195 to date, including 53 regulatory authorities and central banks from 41 jurisdictions. During that time the IFSB has also published 14 standards relating to various products governance issues. Rifaat resigned last year and his tenure came to an end in April 2011, making way for a new secretary general. In the first installment of a two-part in-depth and unique interview, Rifaat discusses with Arab News the circumstances of the establishment of the IFSB; the major role that the IMF (International Monetary Fund), the Basle Committee and the Asian Development Bank played in its early years and continues to play today; and the political battle that had to be resolved to decide where the new organization would be located.

Written by Suapi Shaffaii

May 9, 2011 at 9:28 pm

Sharia finance body, Maldives lender to set up bank

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Points of Essence:

  • Islamic Banking & Finance Institute of Malaysia and the Government of Maldives sets up the first Islamic bank in Maldives
  • Maldives Islamic Bank will be established in the next 6 months would be the impetus for the creating of the a conducive regulatory framework  for Islamic banking industry in Maldives

KUALA LUMPUR Oct 26 (Reuters) – A Malaysian Islamic finance industry body and the Maldives Islamic Bank signed a deal on Tuesday to set up Maldives’ first sharia lender. Maldives Islamic Bank hoped to set up the bank within six months, its managing director Harith Harun said in a statement. A subsidiary of the Islamic Development Bank holds a 70 percent state in the Maldives bank while the government of Maldives owns the rest. The deal with the Islamic Banking and Finance Institute Malaysia, which is owned by the Malaysian central bank and several sharia banks, would enable a study of Maldives’ regulatory framework to create an environment that would foster the industry’s growth, the statement said.  (Reporting by Liau Y-Sing; Editing by Razak Ahmad)

Source: Reuters

Written by Suapi Shaffaii

October 26, 2010 at 11:29 pm

SBP issues ‘Guidelines on Islamic Financing for Agriculture’

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Points of Essence:

  • State Bank of Pakistan issues the first of its kind Guidelines on Islamic financing for agrigulture. The Guidelines will assist banks to devise shariah compliant products to cater to the agricultural needs. Riding on the most acceptable concepts of Islamic financing, the Guidelines will make it possible for Islamic finance to penetrate into the potential demand of the agriculture sector in Pakistan. Pakistan’s Online News has the report.

KARACHI: The State Bank of Pakistan today issued “Guidelines on Islamic Financing for Agriculture” to help banks develop specific Shariah compliant products in order to meet the financing needs of the farming community. These Guidelines have been developed in consultation with stakeholders while keeping in view the potential and demand for Islamic banking products in the field of agriculture.

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Written by Suapi Shaffaii

February 4, 2009 at 10:34 am

KL seeks global standards on Islamic banking

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Points of Essence:

  • Malaysia advocates issuance of global standards for Islamic banking with a preliminary meeting to be held in Kuala Lumpur soon to discuss the initiative. The Star has the report.

DOHA (Qatar): Malaysia has proposed a meeting be held to set up global standards for Islamic banking and finance, Prime Minister Datuk Seri Abdullah Ahmad Badawi said.

Abdullah said he had discussed this with Qatar Prime Minister Sheikh Hamad Jassem Jabor Al-Thani during meetings yesterday and had proposed for the first meeting to be held in Kuala Lumpur.

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Written by Suapi Shaffaii

January 22, 2009 at 2:57 pm

Brunei approves Islamic Banking Order 2008

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Points of Essence:

  • Brunei has undertaken a massive revamp of its Islamic finance regulation and supervision. Islamic Banking Order 2008 and Takaful Order 2008 were introduced as part of the legislative reforms. This set of legislation aims at better regulating and supervising of Islamic finance. It is uncertain whether Brunei will also come up with a legislation on Islamic investment and capital market.  Apart from providing condusive environment for enhancing the growth of Islamic finance business in Brunei, the two Orders will encourage competition among Islamic finance players. Brunei Times has the report.

Order to expand and strengthen Islamic banking and takaful

Minister of Finance 2, Pehin Orang Kaya Laila Setia Dato Seri Setia Awang Haji Abd Rahman Hjai Ibrahim

BRUNEI MUARA
Tuesday, November 25, 2008
Focus will be on captive insurance, re-insurance centre takaful & re-takaful

BY THE consent of His Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam, the Ministry of Finance recently introduced the Islamic Banking Order 2008, aimed at expanding the Islamic banking sector in Brunei at the same time increasing the competitiveness among players by creating a level playing field as well as strengthening the supervision and regulation of Islamic banking activities.

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Written by Suapi Shaffaii

November 28, 2008 at 11:24 am

Islamic finance yet to capture Germany’s imagination

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Points of Essence:

  • Despite a high potential of Islamic finance and its European counterparts gearing to adopting Islamic finance, Germany remains unperturbed by these developments. There have been some Islamic finance activities conducted by foreign or its major financial institutions but the accommodating legal and tax structure is yet to be seen. Asiaone has the report.

By Etienne Balmer

FRANKFURT – Despite a huge potential client base, Germany has proven reluctant to adapt its legal and tax systems to attract Islamic finance, which has enjoyed stellar success in Britain.

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Written by Suapi Shaffaii

November 23, 2008 at 10:10 pm