Featured Product

    OJK Supports Efforts to Increase Adoption of IFSB Standards

    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 Articles
    News

    APRA Publishes Proposal to Increase Transparency of Banking Data

    APRA proposed to substantially increase the volume and breadth of data it makes publicly available on authorized deposit-taking institutions, including banks, credit unions, and building societies.

    December 05, 2019 WebPage Regulatory News
    News

    ESMA Consults on Guide to Internal Controls for Credit Rating Agencies

    ESMA launched a consultation on the guidelines on internal controls for credit rating agencies (CRAs).

    December 05, 2019 WebPage Regulatory News
    News

    EU Finalizes Directive and Prudential Rules for Investment Firms

    EU published, in the Official Journal of the European Union, the Directive (2019/2034) and Regulation (2019/2033) on the prudential requirements and supervision of investment firms.

    December 05, 2019 WebPage Regulatory News
    News

    OSFI Revises Guideline on Principles for Management of Liquidity Risk

    OSFI finalized Guideline B-6 on the principles for the management of liquidity risk.

    December 05, 2019 WebPage Regulatory News
    News

    PRA Consults on Framework to Manage Outsourcing and Third-Party Risk

    PRA published a consultation paper CP30/19 that sets out proposals to modernize the regulatory framework on outsourcing and third-party risk management.

    December 05, 2019 WebPage Regulatory News
    News

    BoE, PRA, and FCA Consult to Strengthen Operational Resilience

    BoE, PRA, and FCA published a shared policy summary and coordinated consultation papers on new requirements to strengthen operational resilience in the financial services sector.

    December 05, 2019 WebPage Regulatory News
    News

    EC Amends Rule on Mapping of External Credit Assessment Institutions

    EC published the implementing regulation (EU) 2019/2028, which amends Regulation 2016/1799, regarding the mapping tables specifying correspondence between the credit risk assessments of external credit assessment institutions (ECAIs) and the credit quality steps set out in the Capital Requirements Regulation.

    December 04, 2019 WebPage Regulatory News
    News

    EBA Issues Second Part of Advice on Implementation of Basel III in EU

    EBA published the second part of its advice on the implementation of Basel III in EU, which complements the report published on August 05, 2019.

    December 04, 2019 WebPage Regulatory News
    News

    EU Approves European Council Proposal on CCP Recovery and Resolution

    EU ambassadors approved the position of European Council on a proposed framework for clearing houses and their authorities to prepare for and deal with financial difficulties.

    December 04, 2019 WebPage Regulatory News
    News

    OSFI Releases Guideline on Foreign Bank Branch Deposit Requirements

    OSFI released the final version of Guideline A-10 on foreign bank branch deposit requirements, along with guideline impact analysis statement.

    December 04, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 4268