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Islamic Banking Regulation and Supervision: Survey Results and Challenges

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.

A. Accommodation of Islamic Banking There are various ways in which
jurisdictions incorporate Islamic banking into their regulatory framework. A first
approach is where the Basel Committee on Banking Supervision (BCBS)
framework for ...

Islamic Banking

Issues in Prudential Regulations and Supervision

This paper analyzes the implications of Islamic precepts on banks’ structure and activities, focusing on banking supervision issues. It points out and discusses these issues in the context of a paradigm version of Islamic banking, as well as in frameworks that fall between the paradigm version and conventional banking. The case of Islamic banks operating in a conventional system is also examined.

Contrary to conventional banks, Islamic banks cannot obtain funds through LOLR
facilities, including Lombard and discount windows, as well as overdraft or other
credit facilities operated by the central bank. This is due to the fact that all of the ...

Islamic Banking

This study was prepared by Zubair Iqbal of the Middle Eastern Department and Abbas Mirakhor of the Research Department. To collect information and views for the study, the authors held discussions with the authorities and representatives of commercial banks in the Islamic Republic of Iran and in Pakistan.

Interest-free banks have also been operating in several non—Muslim countries.
The experiences of the Islamic Republic of Iran and of Pakistan—tw0 countries
that have recently attempted to implement Islamic banking on a comprehensive ...

Islamic Republic of Mauritania

Poverty Reduction Strategy Paper

Mauritania’s poverty reduction strategy paper is based on a broadly participatory process and serves as the policy framework for the country’s economic and social policies. The focus is to accelerate economic growth and stabilize the macroeconomic framework, which benefits the poor, ensure the development of human resources and expansion of basic services, and improve governance and build capacity. In the revision the focus is to strengthen leadership, monitoring, evaluation, and coordination. Mauritania has to take up major challenges to achieve the objectives established at the outset.

2.37 Over the period 2006-2007, efforts undertaken to realize the above-
mentioned objectives yielded the following achievements: (i) preparation of a
management and development plan for small scale and inshore fishing; (ii)
enhanced ...

Islamic Republic of Afghanistan

Afghanistan National Development Strategy: First Annual Report (2008/09)

This paper discusses key findings of the First Annual Report (2008/09) on the Afghanistan National Development Strategy (ANDS). The economic and security situation was particularly challenging during the first year of ANDS implementation (1387 or 2008/09) owing to rapid increases in food and fuel prices and sharply increased violence in some provinces. Both imports and exports have been increasing at high rates. A major concern continues to be slow progress in meeting revenue targets and the ability to effectively control spending.

Afghanistan National Development Strategy: First Annual Report (2008/09)
International Monetary Fund. 5. Surveillance facilitates rapid prevention of
pandemics diagnosis and confirmation of 6. Existing funding gap for MoPH
priorities ...

Islamic Republic of Afghanistan: 2014 Article IV Consultation-Staff Report; Press Release; and Statement by the Executive Director for the Islamic Republic of Afghanistan

KEY ISSUES Context. Over the past decade, Afghanistan has made enormous progress in reconstruction, development and lifting per capita income. Security and political uncertainties, and weak institutions have constrained growth and weighed on social outcomes. With significant reform efforts and donor support, Afghanistan has maintained macroeconomic stability, implemented important structural reforms, and built policy buffers, but significant vulnerabilities remain. The IMF has been supporting Afghanistan through technical assistance and a three-year Extended Credit Facility (ECF) arrangement. Reviews under the ECF arrangement have been delayed. Outlook and risks. 2014 is a crucial year in the political and security transitions and the run-up to the “transformation decade” (2015–24). Assuming smooth political and security transitions, continued reform and donor financing, the outlook should be positive. Large security and development expenditure needs and a limited domestic revenue capacity mean that Afghanistan will remain dependent on donor financing for an extended period. Macroeconomic stability, structural reforms, and political and security stability are needed to ensure inclusive growth. Risks, mostly on the downside, are related to adverse domestic or regional security developments, political instability, inadequate implementation of economic policies, and donor fatigue. Policy recommendations. The authorities’ economic strategy (maintaining macroeconomic stability, strengthening the financial sector, improving economic governance, and moving toward fiscal sustainability) remains appropriate and needs strengthened implementation. Sustained implementation of this strategy will safeguard growth and build buffers to help manage shocks. Policies should continue to aim at strengthening revenue collection, managing money growth to control inflation while preserving exchange rate flexibility, strengthening bank supervision, and quickly enacting anti-money laundering (AML), countering financing of terrorism (CFT), banking, central bank, and value-added tax legislation.

Detailed information on opium cultivation and prices is available but information
on other economic linkages of the drug industry (e.g., trade and financial flows)
remains scarce, in light of the post-conflict and development status of Afghanistan
.

Islamic Republic of Mauritania: 2014 Article IV Consultation-Staff Report; Press Release and Statement by the Executive Director for the Islamic Republic of Mauritania

KEY ISSUES Context. Mauritania’s economy has benefited from macroeconomic stability and high growth in the context of contained inflation, responsible macro-policies, high iron ore prices and scaled-up public investment. However, economic growth has not translated into broadly improved living standards and is being hit by a sharp decline in iron ore prices. Outlook and Risks. Although the outlook remains favorable, it hinges heavily on stabilizing iron ore prices and expanding mining capacity. Downside risks to the outlook dominate because iron ore prices may decline further in response to excess supply in the global market. Key Policy Recommendations. With high risk of debt distress and deteriorating terms of trade, Mauritania’s fiscal policy needs to remain focused on consolidation to support fiscal sustainability. Over the medium term, a fiscal framework with a full-fledged fiscal rule will help prevent the boom–bust cycles that ensue from volatility in natural resource revenue, and with strengthened governance in managing mining wealth. The central bank should take advantage of the low-inflation environment to strengthen monetary policy formulation, gradually liberalize the foreign exchange market, and introduce liquidity support and banking resolution frameworks. The implementation of the recent FSAP recommendations should be pursued to enhance the stability of the financial sector stability. Economic diversification and inclusive growth are the foremost medium-term challenges. The authorities should accelerate structural reforms needed to raise Mauritania’s potential growth, create jobs, and improve living standards for all Mauritanians. Article VIII. A comprehensive analysis of the foreign exchange market identified exchange restrictions and multiple currency practices (MCPs) subject to Fund approval under Article VIII. Effective November 20, 2013, the exchange rate regime is classified as “stabilized” arrangement.

7. Millennium. Development. Goals,. 1990–2015. PRSP MDGs 1990 1996 2000
2002 2004 2008 2011 2015 2015 1. Eradicate extreme poverty and hunger
Overall poverty incidence 56.6 50.0 46.3 ... 46.7 42.0 ... 25.0 28.3 Incidence of
poverty ...

Central Banking without Central Bank Money

Given the rapidly declining demand for central bank reserves and their gradual replacement in wholesale payments by alternative forms of money—clearinghouse moneyand treasury money—this paper discusses whether the complete extinction of base money could undermine monetary control. It argues that such concerns are misplaced since central banks can target interest rates and inflation even in the absence of base money. The paper explores implications for current and future central banking, including monetary and foreign exchange operations, lender of last resort, coordination between public debt and monetary management, and design of operating rules in currency boards.

In the textbook monetary paradigm, central banks influence interest rates through
controlling monetary aggregates, which are linked to the supply of central bank
liabilities through a money multiplier. Hence, central banks' ability to control the ...

Central Bank Reform in the Transition Economies

Since 1992, the central banks of the Baltic states and the Commonwealth of Independent States have undertaken comprehensive reform of their monetary and exchange arrangements in support of their stabilization efforts. Their efforts have been supported by extensive technical assistance provided by the IMF and 23 central banks. This book edited by V. Sundararajan, Arne B. Peterson, and Gabriel Sensenbrenner, contains the background papers prepared for the second joint coordinating meeting of participants. That meeting focused on the progress of structural reforms in central banking and bank restructuring and identified priorities for the deepening of reforms. The book documents the remarkable progress achieved by the Baltic and CIS central banks and the catalytic role they have played in financial market development.

These reforms have also included improvements in internal control processes
and the setting up of a separate Internal Audit Department at the central bank. A
number of accounting reforms have been introduced at the central bank, and a
new ...

Payment Systems, Monetary Policy and the Role of the Central Bank

A payment system encompasses a set of instruments and means generally acceptable in making payments; the institutional and organizational framework governing such payments, including prudential regulation; and the operating procedures and communications network used to initiate and transmit payment information from payer to payee and to settle payments. This book, by Omotunde E.G. Johnson, with Richard K. Abrams, Jean-Marc Destresse, Tony Lybek, Nicholas Roberts, and Mark Swinburne, identifies main policy and strategic issues in payment system reform, describes the structure of payment systems in selected countries, highlights areas of consensus, and suggests the direction for future policy analysis.

to assure the private sector that adequate liquidity (that is, base money) will be
supplied by the central banks to the economy as a whole to guarantee a level of
operational efficiency of the system no less than what would be attained under a
 ...