Featured Product

    IFSB Proposes Standards on Islamic Banking, Securities, and Insurance

    March 28, 2018

    IFSB issued three Exposure Drafts covering standards in Islamic banking, Islamic capital markets, and Islamic insurance (takāful) sectors. The Exposure Draft ED-22 is on the revised standard on disclosures to promote transparency and market discipline for institutions offering Islamic financial services in the banking sector. ED-21 is on the core principles for Islamic finance regulation in the Islamic capital markets segment. In the insurance sector, IFSB is consulting on ED-20, which addresses key elements in the supervisory review process of takāful/retakāful Undertakings. The consultations end on May 28, 2018.

    IFSB invited comments from regulatory and supervisory authorities, international organizations, institutions offering Islamic financial services, academics, and interested members of the public. The following are the key objectives of these Exposure Drafts:

    • ED-22 is a revision of IFSB-4 on  Disclosures to Promote Transparency and Market Discipline for Institutions offering Islamic Financial Services in the banking sector, which was issued in 2007. It brings IFSB-4 in line with the updated framework for Pillar 3 on disclosure requirements, which was issued by BCBS in January 2015 and March 2017. 
    • ED-21 is intended to provide a set of core principles for the regulation and supervision of the Islamic capital market, taking into consideration the specificities of Islamic finance, while complementing the existing international standards, principally the IOSCO Objectives and Principles of Securities Regulation and its Methodology (May 2017).
    • ED-20 provides guidance on the implementation of common approaches to the supervision of the takāful/retakāful industry, while addressing the specificities of the takāful/retakāful undertakings. The aim is to promote the international harmonization of supervision while enhancing cooperation among supervisors.


    Related Links

    Comment Due Date: May 28, 2018

    Keywords: International, Banking, Insurance, Securities, Islamic Financial Services Industry, ED 20, ED 21, ED 22, Islamic Banking, IFSB

    Related Articles
    News

    HKMA on Fintech Adoption and Innovation by Banks in Hong Kong

    HKMA announced the publication of a report on fintech adoption and innovation in the banking industry in Hong Kong.

    May 20, 2020 WebPage Regulatory News
    News

    BIS on Impact of Increasing Use of Cloud Technology on Cyber Risk

    BIS published a working paper that examines the drivers of cyber risk, especially in context of the cloud services.

    May 20, 2020 WebPage Regulatory News
    News

    ECB Consults on Guide for Managing Climate and Environmental Risks

    ECB launched consultation on a guide specifying how the Banking Supervision expects banks to consider climate-related and environmental risks in their governance and risk management frameworks and when formulating and implementing their business strategy.

    May 20, 2020 WebPage Regulatory News
    News

    ECB Issues Opinion on Revisions to CRR in Response to COVID Crisis

    ECB published an opinion (CON/2020/16) on amendments to the prudential framework in EU in response to the COVID-19 pandemic.

    May 20, 2020 WebPage Regulatory News
    News

    EBA Assesses Interlinkages Between Recovery and Resolution Planning

    EBA published a report that examines the interlinkages between recovery and resolution planning under the Bank Recovery and Resolution Directive (BRRD).

    May 20, 2020 WebPage Regulatory News
    News

    SRB Publishes Final MREL Policy Under the Banking Package

    SRB published the final Minimum Requirements for Own Funds and Eligible Liabilities (MREL) policy under the Banking Package.

    May 20, 2020 WebPage Regulatory News
    News

    EIOPA Risk Assessment Shows Increase in Credit and Market Risks

    EIOPA published its risk dashboard based on Solvency II data from the fourth quarter of 2019.

    May 18, 2020 WebPage Regulatory News
    News

    MNB Issues Statement on Loan Payments After Moratorium Expires

    MNB published a statement on loan payments post the announced moratorium, in addition to a set of new questions and answers (Q&A) on supervisory measures and requirements announced amid COVID-19 pandemic.

    May 18, 2020 WebPage Regulatory News
    News

    EBA Single Rulebook Q&A: Second Update for May 2020

    EBA updated the Single Rulebook question and answer (Q&A) tool for banks.

    May 15, 2020 WebPage Regulatory News
    News

    US Agencies Temporarily Amend Supplementary Leverage Ratio Calculation

    US Agencies (FDIC, FED, and OCC) published an interim final rule that temporarily revises the supplementary leverage ratio calculation for depository institutions.

    May 15, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5195