adb to assist implementing islamic finance standards
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

ADB to assist implementing Islamic finance standards

Arab Today, arab today

Arab Today, arab today ADB to assist implementing Islamic finance standards

Tokyo - KUNA

The Asian Development Bank (ADB) said Tuesday it will help grow access to Islamic finance in Afghanistan, Bangladesh, Indonesia, and Pakistan with a USD 750,000 technical assistance grant. In response to requests for assistance from the governments of the four countries, the grant will be used, amongst others, to develop an e-module platform to build capacities of officials in those countries on prudential standards developed by the Islamic Finances Services Board (IFSB), the Manila-based lender said in a press release. Bank Negara Malaysia has agreed to share their experience in implementing standards to assist their regional peers, the ADB said. "Islamic finance can provide access to the unbanked and promote financial stability through development of an alternative asset class. This can help diversify the finance sector in developing Asia," said Sani Ismail, ADB's Financial Sector Economist. An action plan will also be drawn up to develop Islamic capital markets in participating developing countries, the ADB said, adding that the plan will focus on harmonizing disclosure requirements of Islamic capital markets products, developing Islamic collective investment schemes, and recommending tax treatment of Islamic capital market products. It marks ADB's first technical assistance provided to support Islamic finance following the recent signing of a Memorandum of Understanding between the ADB and the IFSB in October. Islamic finance refers to financial transactions that are consistent with sharia (Islamic law), resting on principles such as the materiality of transactions and mutual risk sharing. It includes banking, takaful (Islamic insurance) and sukuk (Islamic financial certificate). Interest in Islamic finance has grown steadily, despite the downturn in the global financial crisis, with estimates that Islamic banking assets globally will reach USD 1.1 trillion in 2012, according to the ADB. The ADB is a multilateral development finance institution dedicated to reducing poverty in Asia and the Pacific. Established in 1966, it has now owned by 67 members, mostly from the region, as well as the US, the UK and Germany. The Kuala Lumpur-based IFSB is an international standard-setting organization that promotes and enhances the soundness and stability of the Islamic financial services industry. As of March, the 187 members of the IFSB comprise 53 regulatory and supervisory authorities, eight international inter-governmental organizations and 126 market players, professional firms and industry associations. Kuwait's Central Bank and seven other financial institutions, including Kuwait Finance House and Boubyan Bank, are its members.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

adb to assist implementing islamic finance standards adb to assist implementing islamic finance standards

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

adb to assist implementing islamic finance standards adb to assist implementing islamic finance standards

 



GMT 21:38 2017 Monday ,30 October

Arab coalition to confronting Houthis

GMT 05:09 2017 Wednesday ,20 September

UK to take 130 more lone refugee children in Dubs

GMT 16:27 2011 Thursday ,07 July

More photos come up

GMT 10:49 2016 Monday ,19 September

Greek central banker denies rift with government

GMT 04:51 2017 Saturday ,21 October

EU puts brakes on Macron's Google tax push

GMT 11:35 2017 Friday ,17 March

Bahrain Bourse daily trading report

GMT 20:38 2017 Friday ,24 February

20 terror suspects, including 4 women, arrested

GMT 10:40 2017 Saturday ,29 April

Sudan condemns Paris' terrorist attack

GMT 08:33 2017 Tuesday ,21 November

Hezbollah denies sending arms to regional conflicts

GMT 23:14 2017 Tuesday ,02 May

Deputy premier meets Malaysian counterpart

GMT 10:45 2016 Monday ,25 July

Warner, Marvel wow Comic-Con

GMT 09:17 2017 Monday ,08 May

Macron marches to French presidency
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday