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

    BoE Provides Reporting Update on Form AS and Form FV

    BoE updated the known issues document for the statistical reporting Forms AS and FV.

    August 10, 2020 WebPage Regulatory News
    News

    EBA Provides Clarity on Implementation of Guidance on COVID Reporting

    EBA updated the report on the implementation of selected COVID-19 policies.

    August 07, 2020 WebPage Regulatory News
    News

    OSFI Provides Update on Implementation of IFRS 17 in Canada

    OSFI published a letter that provides an update on the milestones for the implementation of the IFRS 17 standard on insurance contracts.

    August 07, 2020 WebPage Regulatory News
    News

    FSI Note Discusses Challenges Associated with COVID Relief Measures

    The Financial Stability Institute (FSI) of BIS published a brief note that examines the supervisory challenges associated with certain temporary regulatory relief measures introduced by BCBS and prudential authorities in response to the COVID-19 pandemic.

    August 06, 2020 WebPage Regulatory News
    News

    BCBS Consults on Principles for Operational Risk and Resilience

    BCBS is consulting on the principles for operational resilience and the revisions to the principles for sound management of operational risk for banks.

    August 06, 2020 WebPage Regulatory News
    News

    BoE Updates Template and Definitions for Form ER

    BoE updated the reporting template for Form ER as well as the Form ER definitions, which contain guidance on the methodology to be used in calculating annualized interest rates.

    August 05, 2020 WebPage Regulatory News
    News

    MAS Announces Key Initiatives to Support Adoption of SORA

    MAS announced several initiatives to support adoption of the Singapore Overnight Rate Average (SORA), which is administered by MAS.

    August 05, 2020 WebPage Regulatory News
    News

    HKMA Announces Repayment Deferment Under Payment Holiday Scheme

    HKMA, together with the Banking Sector Small and Medium-Size Enterprise (SME) Lending Coordination Mechanism, announced a ninety-day repayment deferment for trade facilities under the Pre-approved Principal Payment Holiday Scheme.

    August 05, 2020 WebPage Regulatory News
    News

    ESRB Paper Presents Alternative Approach to EBA Stress Test Proposal

    The Advisory Scientific Committee of ESRB published a response, in the form of an Insights Paper, to the EBA proposals for reforms to the stress testing framework in EU.

    August 05, 2020 WebPage Regulatory News
    News

    FASB Simplifies Accounting for Certain Financial Instruments

    FASB issued a new Accounting Standards Update (2020-06) to improve financial reporting associated with accounting for convertible instruments and contracts in an entity’s own equity.

    August 05, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5642