The regulators’ dilemma and the global banking regulation: the case of the dual financial systems

Andrea Delle Foglie (), Elias Boukrami (), Gianfranco Vento () and Ida Panetta ()
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Andrea Delle Foglie: Sapienza University of Rome
Elias Boukrami: Regent’s University London
Gianfranco Vento: Guglielmo Marconi University

Journal of Banking Regulation, 2023, vol. 24, issue 3, No 1, 249-263

Abstract: Abstract This paper aims to contribute to the literature debate on the regulators’ dilemma affecting international financial regulations focusing on the banking regulation of dual financial systems. In this regard, the paper provides a new taxonomy of Islamic Financial Systems considering the banking regulation as a driver for the classification and a more detailed definition of dual financial systems. The literature review reveals the existence of different financial system structures affected by socio-cultural biases due to different characteristics of various countries and financial systems globally. The risk of regulatory arbitrage or over-regulation phenomena is high, stifling the growth and the level playing field for both some systemically financial systems.

Keywords: Banking regulation; Basel framework; Islamic bank; Islamic practices; Governance standards (search for similar items in EconPapers)
JEL-codes: G01 G21 G28 K22 (search for similar items in EconPapers)
Date: 2023
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Citations: View citations in EconPapers (1)

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DOI: 10.1057/s41261-022-00196-2

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