Islamic Banking Regulation and Supervision: Survey Results and Challenges

In Song and Carel Oosthuizen

No 2014/220, IMF Working Papers from International Monetary Fund

Abstract: The growing presence of Islamic banking needs to be accompanied by the development of effective regulation and supervision. This paper examines the results of the survey conducted by the International Monetary Fund to document international experiences and country practices related to legal and prudential frameworks governing Islamic banking activities. Although a number of countries have made considerable progress in creating legal, regulatory, and supervisory frameworks that accommodate Islamic banking, there are substantial differences. This paper also identifies a number of challenges faced by regulatory and supervisory agencies regarding Islamic banking.

Keywords: WP; bank; Shariah compliance; conventional bank; supervisory authority; Banking supervision; Islamic banks; regulatory framework; internal auditor; Shariah compliance officer; bank distress resolution framework; banking product; bank resolution; Islamic banking; Capital adequacy requirements; Islamic banking supervision; Legal support in revenue administration; Market risk; Africa; Global; Sub-Saharan Africa; Europe; Asia and Pacific (search for similar items in EconPapers)
Pages: 42
Date: 2014-12-12
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Citations: View citations in EconPapers (33)

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