Featured Product

    IFSB Consults on Core Principles for Islamic Deposit Insurance Systems

    May 22, 2019

    IFSB issued exposure draft on core principles for effective Islamic deposit insurance systems (CPIDIS). The exposure draft provides a set of core principles for the development and implementation of an effective Islamic deposit insurance system. The draft takes into consideration the specificities of Islamic banks, while complementing the existing international standards, principally the International Association of Deposit Insurers (IADI) core principles for effective deposit insurance systems (issued in November 2014). IFSB is inviting comments from central banks, regulatory and supervisory authorities, deposit insurance organizations, international organizations, institutions offering Islamic financial services (IIFS), academics, and other interested parties until July 05, 2019.

    The objectives of the core principles for effective Islamic deposit insurance systems are to:

    • Serve as a benchmark international framework to facilitate the development and implementation of effective Islamic deposit insurance system
    • Enable the existing Islamic deposit insurance systems 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 CPIDIS

    The exposure draft has been jointly developed by IFSB in collaboration with the IADI. Overall, the core principles will promote further integration of Islamic deposit insurance with the international architecture for financial stability. In line with the IFSB due process for developing standards, IFSB organized a public hearing on June 18, 2019 in Kuala Lumpur, Malaysia to invite and solicit feedback on the exposure draft and its contents. IADI will also be conducting a public consultation exercise with its members and target audience, in line with its internal due process. In due course, both IADI and IFSB Secretariats will consolidate the public consultation feedback and work toward the final version of the core principles.

     

    Related Links

    Comment Due Date: July 05, 2019

    Keywords: International, Banking, Islamic Banking, IADI, Deposit Insurance, CPIDIS, IFSB

    Related Articles
    News

    EBA Updates List of Validation Rules for Reporting by Banks

    EBA issued a revised list of validation rules with respect to the implementing technical standards on supervisory reporting.

    September 10, 2020 WebPage Regulatory News
    News

    EBA Responds to EC Call for Advice to Strengthen AML/CFT Framework

    EBA published its response to the call for advice of EC on ways to strengthen the EU legal framework on anti-money laundering and countering the financing of terrorism (AML/CFT).

    September 10, 2020 WebPage Regulatory News
    News

    NGFS Advocates Environmental Risk Analysis for Financial Sector

    NGFS published a paper on the overview of environmental risk analysis by financial institutions and an occasional paper on the case studies on environmental risk analysis methodologies.

    September 10, 2020 WebPage Regulatory News
    News

    MAS Issues Guidelines to Promote Senior Management Accountability

    MAS published the guidelines on individual accountability and conduct at financial institutions.

    September 10, 2020 WebPage Regulatory News
    News

    APRA Formalizes Capital Treatment and Reporting of COVID-19 Loans

    APRA published final versions of the prudential standard APS 220 on credit quality and the reporting standard ARS 923.2 on repayment deferrals.

    September 09, 2020 WebPage Regulatory News
    News

    SRB Chair Discusses Path to Harmonized Liquidation Regime for Banks

    SRB published two articles, with one article discussing the framework in place to safeguard financial stability amid crisis and the other article outlining the path to a harmonized and predictable liquidation regime.

    September 09, 2020 WebPage Regulatory News
    News

    FSB Workshop Discusses Preliminary Findings of Too-Big-To-Fail Reforms

    FSB hosted a virtual workshop as part of the consultation process for its evaluation of the too-big-to-fail reforms.

    September 09, 2020 WebPage Regulatory News
    News

    ECB Updates List of Supervised Entities in EU in September 2020

    ECB updated the list of supervised entities in EU, with the number of significant supervised entities being 115.

    September 08, 2020 WebPage Regulatory News
    News

    OSFI Identifies Focus Areas to Strengthen Third-Party Risk Management

    OSFI published the key findings of a study on third-party risk management.

    September 08, 2020 WebPage Regulatory News
    News

    FSB Extends Implementation Timeline for Framework on SFTs

    FSB is extending the implementation timeline, by one year, for the minimum haircut standards for non-centrally cleared securities financing transactions or SFTs.

    September 07, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5796