General Information & Client Service
  • Americas: +1.212.553.1653
  • Asia: +852.3551.3077
  • China: +86.10.6319.6580
  • EMEA: +44.20.7772.5454
  • Japan: +81.3.5408.4100
Media Relations
  • New York: +1.212.553.0376
  • London: +44.20.7772.5456
  • Hong Kong: +852.3758.1350
  • Tokyo: +813.5408.4110
  • Sydney: +61.2.9270.8141
  • Mexico City: +001.888.779.5833
  • Buenos Aires: +0800.666.3506
  • São Paulo: +0800.891.2518
December 06, 2018

Wimboh Santoso, the Chairman of the Board of Commissioners of OJK, at the 33rd meeting of the IFSB Board, conveyed that OJK supports efforts to increase adoption of IFSB standards One of these standards encompasses the Impact and Consistency Assessment (ICAP) based on the results of self assessment.

As a G20 country, Indonesia has become accustomed to the Regulatory Consistency Assessment Program (RCAP) process to assess the consistency of the application of Basel III and will share experiences in implementing the ICAP. The IFSB Council has decided to approve the adoption of three new standards, namely:

  • IFSB-20 on Elements Key in the Supervisory Review Process of Takāful/Retakāful Undertakings. This standard provides guidance to supervisors about minimum standards for supervisory review of effective and efficient processes for Takaful/Re-Takaful,
  • IFSB-21 on Core Principles for Islamic Finance Regulation. This standard sets out 38 high-level core principles and their associated assessment methodology, which describes a broad, general framework for the regulation of Islamic capital markets.
  • IFSB-22 on Revised Standard on Disclosure to Promote Transparency and Market Discipline for Institutions Offering Islamic Financial Services (IIFS). This standard establishes a set of principles and key practices that Islamic banks must follow while making disclosures. The aim is to promote consistency and comparability of disclosures by introducing harmonized templates for disclosure of quantitative information in key areas, including capital adequacy, regulatory risk exposures, investment accounts, and Sharīʻah governance. 

The IFSB Board also asks its members to conduct self assessment. From the results of the assessment, IFSB can form taskforce to provide assistance to countries that still have constraints or gaps in its application. Thus, the level of implementation of the standards produced by IFSB will be higher and consistent. The meeting organized by the Islamic Development Bank Group (IsDB) was led by HE Mohammad Y. Al Hashel, Governor of the Central Bank of Kuwait and Chair of the IFSB for 2018. The meeting was attended by 12 central bank governors and regulatory and supervisory authority commissioners, along with 10 senior representatives from the council and full members of IFSB, representing 19 countries. In addition to the Chairperson of the OJK Board of Commissioners, the Governor of Bank Indonesia also attended as a representative from Indonesia.

 

Related Link: Press Release

Keywords: Asia Pacific, Indonesia, Banking, Insurance, Securities, Islamic Banking, Islamic Finance, IFSB-20, IFSB-21, IFSB-22, IFSB, OJK

Related Insights
News

US Agencies Propose Revisions to FFIEC Reports 031, 041, 051, and 101

US Agencies (FDIC, FED, and OCC) propose to extend for three years, with revision, FFIEC 031, FFIEC 041, FFIEC 051, and FFIEC 101.

February 21, 2019 WebPage Regulatory News
News

OFR Adopts Data Collection Rule on Centrally Cleared Repo Transactions

OFR adopted a final rule to establish a data collection covering centrally cleared funding transactions in the U.S. repurchase agreement (repo) market.

February 20, 2019 WebPage Regulatory News
News

FHFA Finalizes Rule on Federal Home Loan Bank Capital Requirements

FHFA published, in Federal Register, the final rule to adopt, as its own, portions of the regulations of the Federal Housing Finance Board pertaining to the capital requirements for the Federal Home Loan Banks.

February 20, 2019 WebPage Regulatory News
News

PRA Publishes PS4/19 on Loss-Absorbency Mechanism Under Solvency II

PRA published a policy statement (PS4/19) that provides feedback on responses to the consultation paper (CP27/18) on adjusting for the reduction of loss absorbency where own fund instruments are taxed on write down under Solvency II.

February 20, 2019 WebPage Regulatory News
News

SRB Publishes Framework for Performing Valuations in Resolution

The framework provides independent valuers and the general public with an indication of the expectations of SRB on the principles and methodologies for valuation reports, as set out in the legal framework.

February 19, 2019 WebPage Regulatory News
News

BIS Paper on Effect of Securities Lending on OTC Market Liquidity

BIS published a working paper that studies how securities lending affects over-the-counter market (OTC) liquidity.

February 19, 2019 WebPage Regulatory News
News

US Agencies Extend Consultation Period for the Proposed SA-CCR

US Agencies (FDIC, FED, and OCC) extended the comment period for a proposed rule to update their standards for how firms measure counterparty credit risk posed by derivative contracts.

February 18, 2019 WebPage Regulatory News
News

FED Extends Consultation Period for Stress Testing Rule

FED has published in the Federal Register a notice proposing amendments to the company run and supervisory stress test rules.

February 15, 2019 WebPage Regulatory News
News

EBA Single Rulebook Q&A: Third Update for February 2019

EBA published answers to two questions under the Single Rulebook question and answer (Q&A) updates for this week.

February 15, 2019 WebPage Regulatory News
News

SEC Proposes Rule on Risk Mitigation Techniques for Uncleared SBS

SEC proposed a rule that would require the application of specific risk-mitigation techniques to portfolios of security-based swaps (SBS) that are not submitted for clearing.

February 15, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 2623