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A workshop to discuss the supervision of Islamic banks
06/9/2018 12:00 am [rtl]Concluded its work in the Arab Monetary Fund yesterday Abu Dhabi / Morning follow up The "Facilitating the Application of Standards by the Islamic Services Council", organized by the Institute for Economic Policy in the Arab Monetary Fund (AMF) in cooperation with the Islamic Financial Services Council (IFSF), was concluded yesterday in Abu Dhabi City, which opened last Sunday. "The workshop was held to shed light on the most important elements in the supervision of Islamic banks, particularly the implementation of the latest developments on capital adequacy standards, as well as the basic principles of supervision of banks issued by the Islamic Financial Services Council, as well as the experiences of the Arab countries," the statement said. In this regard whether those whose banking system operates in full accordance with the principles of Islamic law or where Islamic banks operate alongside traditional banking institutions. " Islamic Banking Industry "The Islamic banking industry has witnessed rapid progress around the world, not only in Islamic countries, but also in emerging markets and advanced markets," said Abdulrahman bin Abdullah Al-Humaidi, Director of the Institute of Economic Policy. The industry has not only increased the volume of business and the number of enterprises, but also introduced a variety of products and services as well as the development of the legislative and regulatory structure. " "The Islamic banking industry has increased significantly and has become an important market share in many of the countries in which it operates. For example, the assets of Islamic banks account for about 25 percent of the total assets of the banking sector in the GCC." Islamic banking assets have grown 15 percent annually over the past two decades. Frameworks of precautionary policies "The global financial crisis of 2008 showed the importance of prudential policy frameworks that ensure the stability of the financial sector by focusing on assessing the risks faced by the financial sector and the ability to resolve crises," Al-Humaidi said. He pointed out that "the increasing trend of the integration of the Islamic banking industry in the global financial system requires that the regulatory authorities consider their regulatory frameworks and development in accordance with changes in the global financial environment and international supervisory standards." The strength of the financial sector It is worth mentioning that the International Monetary Fund recently adopted the standards issued by the Islamic Financial Services Council as a framework for evaluating the robustness of the financial sector along with the criteria in which traditional banks are evaluated. To maintain the integrity and durability of these banks and thus maintain financial stability; and to see the compatibility of control frameworks on Islamic banks with those related to conventional banks, taking into account the nature of the work of Islamic banks. The workshop discussed a number of key themes, including the Islamic Financial Services Council standard No. 17 on the basic principles of Islamic banking supervision, the Islamic capital adequacy standard for Islamic banks, and the topic of liquidity management at Islamic banks.[/rtl] [You must be registered and logged in to see this link.] |
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