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

    FED Adopts Proposal to Implement Reporting Form for SCCL

    FED adopted a proposal to implement the Single-Counterparty Credit Limits (SCCL) reporting form (FR 2590; OMB No. 7100-NEW).

    November 20, 2019 WebPage Regulatory News
    News

    FED Proposes to Extend Initial Compliance Dates Under SCCL Rule

    FED published a proposal to extend, by 18 months, the initial compliance dates for foreign banks subject to the single-counterparty credit limit (SCCL) rule.

    November 20, 2019 WebPage Regulatory News
    News

    CBIRC to Strengthen Supervisory and Policy Support for SME Services

    CBIRC released a notification on strengthening supervision and guidance to enhance the quality and efficiency of financial services for "small and micro-enterprises" (SMEs).

    November 20, 2019 WebPage Regulatory News
    News

    APRA Publishes Approach to Regulating and Supervising GCRA Risks

    APRA published an information paper that sets out a more intensive regulatory approach to transform governance, culture, remuneration, and accountability (GCRA) practices across the prudentially regulated financial sector.

    November 19, 2019 WebPage Regulatory News
    News

    US Agencies Update Rule on Derivative Contracts Exposure Calculation

    US Agencies (FDIC, FED, and OCC) announced a final rule updating the way certain banking organizations are required to measure counterparty credit risk for derivative contracts under their regulatory capital rules.

    November 19, 2019 WebPage Regulatory News
    News

    US Agencies Finalize Rule to Amend Treatment of HVCRE Exposures

    US Agencies (FDIC, FED, and OCC) finalized a rule to modify the treatment of high volatility commercial real estate (HVCRE) exposures, as required by the Economic Growth, Regulatory Relief, and Consumer Protection (EGRRCP) Act.

    November 19, 2019 WebPage Regulatory News
    News

    US Agencies Finalize Changes to Rule on Supplementary Leverage Ratio

    US Agencies (FDIC, FED, and OCC) finalized changes to the capital requirement for banking organizations predominantly engaged in custodial activities, as required by the Economic Growth, Regulatory Relief, and Consumer Protection (EGRRCP) Act.

    November 19, 2019 WebPage Regulatory News
    News

    IAIS Consults on Guidance on Liquidity Risk Management for Insurers

    IAIS is seeking feedback on the draft application paper on liquidity risk management for insurers.

    November 19, 2019 WebPage Regulatory News
    News

    IAIS Publishes Application Paper on Recovery Planning

    IAIS published the final application paper on recovery planning, along with the resolution of comments on the draft application paper.

    November 18, 2019 WebPage Regulatory News
    News

    FSB Publishes Summary of November Meeting of RCG for MENA Region

    FSB published a summary of the November meeting of the Regional Consultative Group (RCG) for Middle East and North Africa (MENA).

    November 17, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 4174