Featured Product

    IFSB Issues Principles for Effective Islamic Deposit Insurance Systems

    July 12, 2021

    The Islamic Financial Services Board (IFSB) and the International Association of Deposit Insurers (IADI) issued core principles for the development and implementation of effective Islamic deposit insurance systems. These principles take into consideration the characteristics of Shari’ah compliant contracts and specificities of Islamic banks, while complementing the existing international standards.

    The objectives of the core principles are to:

    • Serve as a benchmark international framework to facilitate the development and implementation of an effective Islamic deposit insurance system
    • Enable the existing Islamic deposit insurance system to identify best-practice gaps in their current modalities
    • Facilitate an independent, third-party or self-assessment of the compliance of an Islamic deposit insurance system with core principles

    By building on their joint efforts, IADI and IFSB are envisaging that jurisdictions will use these core principles and their compliance assessment methodology as a benchmark for assessing the quality of their Islamic deposit insurance system and for identifying gaps in their Islamic deposit insurance practices, including measures to address them. This work will continue with a series of pilot tests for the core principles, which will be used to help develop a joint IADI-IFSB Handbook for the Assessment of Compliance with the core principles to further develop and support this guidance standard going forward. Overall, the core principles will promote further integration of Islamic deposit insurance into the international architecture for financial stability


    Related Links

    Keywords: International, Banking, Islamic Banking, Deposit Insurance, Shariah, Core Principles, IADI, IFSB

    Related Articles

    EBA Clarifies Use of COVID-19-Impacted Data for IRB Credit Risk Models

    The European Banking Authority (EBA) published four draft principles to support supervisory efforts in assessing the representativeness of COVID-19-impacted data for banks using the internal ratings based (IRB) credit risk models.

    June 21, 2022 WebPage Regulatory News

    BIS Hub Updates Work Program for 2022, Announces New Projects

    The Bank for International Settlements (BIS) Innovation Hub updated its work program, announcing a set of projects across various centers.

    June 17, 2022 WebPage Regulatory News

    US Senate Members Seek Details on SEC Proposed Climate Disclosure Rule

    Certain members of the U.S. Senate Committee on Banking, Housing, and Urban Affairs issued a letter to the Securities and Exchange Commission (SEC)

    June 16, 2022 WebPage Regulatory News

    EIOPA Consults on Review of Securitization Framework in Solvency II

    The European Insurance and Occupational Pensions Authority (EIOPA) published a consultation paper on the advice on the review of the securitization prudential framework in Solvency II.

    June 16, 2022 WebPage Regulatory News

    UK Authorities Issue Regulatory and Reporting Updates for Banks

    The Prudential Regulation Authority (PRA) issued a statement on PRA buffer adjustment while the Bank of England (BoE) published a notice on the statistical reporting requirements for banks.

    June 15, 2022 WebPage Regulatory News

    BaFin Consults on Resolvability Requirements for Resolution Planning

    The Federal Financial Supervisory Authority of Germany (BaFin) proposed to amend the “Capital Investment Conduct And Organization Ordinance” and issued a draft circular on the minimum resolvability requirements for resolution planning.

    June 10, 2022 WebPage Regulatory News

    EBA Consults on Certain Standards and Guidelines Under CRR and BRRD

    The European Banking Authority (EBA) proposed guidelines, for the resolution authorities, on the publication of the write-down and conversion and bail-in exchange mechanic, with the comment period ending on September 07, 2022.

    June 08, 2022 WebPage Regulatory News

    OJK Publishes Regulatory Updates for Financial Sector Entities

    The Financial Services Authority of Indonesia (OJK) is strengthening cooperation with the Australian Prudential Regulation Authority (APRA) and the Japanese Financial Services Agency (JFSA)

    June 03, 2022 WebPage Regulatory News

    EU Publishes Rules on DLT and Data Governance

    The European Parliament and the Council published Regulation 2022/868 on European data governance (Data Governance Act).

    June 03, 2022 WebPage Regulatory News

    EBA Publishes Phase 2 of Reporting Framework 3.2

    The European Banking Authority (EBA) published phase 2 of its reporting framework 3.2. The technical package supports the implementation of the updated reporting framework by providing standard specifications

    June 03, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8267