Featured Product

    IFSB Holds Event on Fintech Innovation in Islamic Finance

    May 08, 2019

    IFSB organized the 11th Public Lecture on Financial Policy and Stability themed “Leveraging Technology for Value-Driven Innovation in Islamic Finance,” on April 30, 2019 in Malaysia, in conjunction with the IFSB Annual Meetings 2019. The meetings were co-hosted by Bangladesh Bank and BNM, with lectures and discussions focusing on the challenges faced by regulatory and supervisory authorities and industry with regard to fintech, regtech, and suptech. The Secretary-General of the IFSB, Dr. Bello Lawal Danbatta, accentuated on developments in technologies and business models and how both are fast changing the ecosystem of the financial services industry. The IFSB Annual Meetings 2019 ended on May 01, 2019.

    The meetings included a lecture themed Fintech, Regtech, and Suptech and their Implications for Regulation and Supervision: A Regulators Perspective, which was delivered by Mr. Fahad Yateem, Director, Islamic Financial Institutions Supervision of CBB. He spoke extensively on the imperatives of leveraging the opportunities offered by technological development to enhance operational efficiency and to ensure the soundness, stability, safety, and sustainability of the financial system. He highlighted the role of the supervisory and regulatory authorities in this regard and alluded to the efforts and accomplishments of CBB, especially on the aspects of regulatory sandboxes for start-up fintechs, digitization strategy, and rules on regtech and suptech. He concluded his lecture noting that regulatory and operational challenges are arising from the use of technology and these could be mitigated through both internal coordination with domestic stakeholders and collaboration with international partners and organizations.

    Another lecture on Balancing between Sharia’h Compliance and Technology Driven Growth: A Shariah Scholar’s Perspective had two presentations. The first presentation was delivered by Datuk Dr. Mohd Daud Bakar, Founder and Chairman, Amanie Holdings, who offered insights into the possible synergy between smart technology and Sharia’h in Islamic finance. The second presentation was delivered by Mr. Ashraff Gomma Ali, Regional Head, Sharia Advisory and Governance, CIMB Islamic Bank, Malaysia. He concluded with the view that as long as the principle of the Shari’ah to minimize hardship and maximize benefits is adhered to, a balance between Sharia’h and technology driven growth in Islamic finance can always be achieved. 

     

    Related Link: Press Release

     

    Keywords: International, Banking, Securities, Fintech, Regtech, Suptech, Regulatory Sandbox, Islamic Finance, Financial Stability, IFSB

    Related Articles
    News

    APRA Updates Validation and Derivation Rules in September 2020

    APRA updated the lists of the Direct to APRA (D2A) validation and derivation rules for authorized deposit-taking institutions, insurers, and superannuation entities.

    September 24, 2020 WebPage Regulatory News
    News

    EC Proposes Frameworks for Crypto-Assets and Operational Resilience

    EC adopted a package that includes the digital finance and retail payments strategies and the legislative proposals for regulatory frameworks on crypto-assets and digital operational resilience.

    September 24, 2020 WebPage Regulatory News
    News

    ECB Publishes Opinion on Proposals to Amend Securitization Framework

    ECB published an opinion (CON/2020/22) on proposals for regulations amending the securitization framework of EU, in response to the COVID-19 pandemic.

    September 24, 2020 WebPage Regulatory News
    News

    FCA Consults on Regulation of International Firms in UK

    FCA is consulting on its approach to the authorization and supervision of international firms operating in UK.

    September 23, 2020 WebPage Regulatory News
    News

    MAS Amends Notice on Capital Adequacy Requirements of Banks

    MAS published amendments to Notice 637 on the risk-based capital adequacy requirements for reporting banks incorporated in Singapore.

    September 23, 2020 WebPage Regulatory News
    News

    FCA to Begin to Move Firms to New Data Collection Platform RegData

    FCA announced that it will move firms to RegData from Gabriel in the coming months in stages, based on the reporting requirements of firms.

    September 23, 2020 WebPage Regulatory News
    News

    ISDA Expects IBOR Fallbacks to be Effective by End of January 2021

    ISDA issued a letter to regulators to flag that it now expects the supplement to the 2006 ISDA Definitions and the Interbank Offered Rate (IBOR) Fallbacks Protocol to be effective around mid- to late-January 2021.

    September 23, 2020 WebPage Regulatory News
    News

    APRA Reviews Repayment Deferral Plans, Identifies Best Practices

    APRA has concluded its review of the comprehensive plans of authorized deposit-taking institutions for the assessment and management of loans with repayment deferrals.

    September 22, 2020 WebPage Regulatory News
    News

    ESAs Assess Risks to Financial Sector After COVID-19 Outbreak

    ESAs (EBA, EIOPA, and ESMA) published the first joint report that assesses risks in the financial sector since the outbreak of the COVID-19 pandemic.

    September 22, 2020 WebPage Regulatory News
    News

    BoE Confirms Withdrawal of COVID Corporate Financing Facility

    BoE and HM Treasury confirmed that the COVID Corporate Financing Facility (CCFF) will close for new purchases of commercial paper, with effect from March 23, 2021.

    September 22, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5836