Home About Kuna Advertise Contact Us Kuna's Bureaus Services Term Of Use
Register Login
facebook Twitter Youtube rss
Kuwait Social Media Summit kicks off      Kuwaiti wins Arab sports body post      Fatah, Hamas reach compromise on forming nat'l unity gov't      UNSC welcomes progress in eliminating Syria's CW, mulls investigating chlorine gas attacks near Hama      Kuwait's consumer price rises by 2.96 percent in March
  Economics
ADB to assist implementing Islamic finance standards
11/12/2012   |   12:49 PM | World News
تصغير الخطالشكل الأساسيتكبير الخط
TOKYO, Dec 11 (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. (end) mk.asa KUNA 111249 Dec 12NNNN
 Print
  Email
 Save
Share
Share


Most Read Most Emailed  
1.   Russia must take action for de-escalation in Ukraine -- Kerry
2.   Specialists convene in May on info-security, social media
3.   Turkey says might be forced to export Iraqi oil
4.   Ban strongly condemns attacks on civilians, UN peacekeepers in South Sudan
5.   Lebanese army arrests Syrian rebels
6.   GCC youth, sports ministers meet in Kuwait Sunday
    Photo Gallery

UN Wise-men Committee Member Sheikh Mohammad Sabah Al-Salem Al-Sabah speaking at the opening session of the second GCC National Security and Regional Security Conference

Item displayed at the "The Hajj: Pilgrimage to Mecca" exhibition at the Arab World Institute (IMA) in Paris

Item displayed at the "The Hajj: Pilgrimage to Mecca" exhibition at the Arab World Institute (IMA) in Paris

Item displayed at the "The Hajj: Pilgrimage to Mecca" exhibition at the Arab World Institute (IMA) in Paris

His Highness the Prime Minister Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah with Minister of Housing Yasser Hassan Abul

Qadsia beats rival Kuwait in KBA Cup

head of programs and activities at KEPS Jinan Bahzad

Minister of Information Sheikh Salman Sabah Al-Salem Al-Sabah during the meeting

His Highness the Prime Minister Sheikh Jaber Mubarak Al-Hamad Al-Sabah received outgoing US Ambassador to Kuwait Mathew Tueller

His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah receives Sheikha Intisar Salem Al-Ali Al-Sabah

General Manager Ahmad Al-Mudhef

Secretary-General of the National Council for Culture, Arts and Letters (NCCAL) Ali Al-Yuha

Kuwait Stock Exchange (KSE)

His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah

UN Secretary General Ban Ki-moon

Director of the Meteorological Department Mohammad Karam
Publications

WEATHER
PRAYER
CURRENCIES
KUWAIT AIRPORT
    Calendar
About KUNA KUNA SERVICES USEFUL LINKS KUNA ARCHIVE KUNA PUBLICATIONS
Home
About Kuna
Advertise
Contact Us
Kuna's Bureaus
Services
Term Of Use
Read The Whole Newscast
Pictures (during the week)
FTP Service
KUNA training center
KUNA Reader
SMS Services
الكويت فى ذاكرة الأيام
Job Application
Careers
Arab News Agencies
International News Agencies
Governmental Institutes
Banks in Kuwait
News Paper
Local Companies
other useful links
Prayer Times
News Archive
Other News Services
Today In Kuwait's History
Events
Training Sessions
Videos
All KUNA right are reserved © 2012. This site is designed and published by IDS