Home About Kuna Advertise Contact Us Kuna's Bureaus Services Term Of Use
Register Login
facebook Twitter Youtube rss
Bahrain's parliamentary electoins turnout 51.5 pct - Min.      US, Turkey maintain coordination on tackling ISIL      Kerry says Iran's nuclear talks complex, gaps remain wide      ISIL kills 25 members of Sunni tribe in Anbar - sources      Danish citizen shot, injured in Riyadh - police      Saudi citizen returns home from Guantanamo - Min.      Number of centrifuges, main contentious point in West-Iran nuclear talks      Conference on anesthesia issues recommendations for better services      Health Ministry issues 2,297 birth, death certificates to illegal residents
  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
Honoring Kuwait 2014


KUNA publishes a book titled (His Highness Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah: A Humanitarian Leader) to commemorate the UN honoring of Kuwait's leader

kuna magazien


Most Read Most Emailed  
1.   20 Syrian soldiers killed in Deir Azzor - SOHR
2.   Nine ISIL militants killed in Kobane - SOHR
3.   Violence kills 16 in Libya, as death toll rises to 356
4.   39th Kuwait International Book Fair opens on Wednesday
5.   Gulf Finance House transforms into GFH financial group
6.   Ambassador Al-Bader welcomes Albanian PM's visit to Kuwait
    Photo Gallery

President and CEO of EQUATE Petrochemical Company Mohammad Husain

Musaed Ghannam Al-Jumhour, the director of public relations at the ministry

Kuwaiti-funded "Humanitarian Leader" village opened in eastern Turkey

Head of Humanitarian Relief Foundation presents a commemorative gift to Chairman and Amiri Diwan's Advisor Abdullah Al-Maatouq

Chairman and Amiri Diwan's Advisor Abdullah Al-Maatouq

Turkish Prime Minister Ahmet Davutoglu with Kurdistan Regional Government President Massoud Barzani

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

First Deputy Prime Minister and Foreign Minister Sheikh Sabah Khaled Al-Hamad Al-Sabah

chairman Sheikh Talal Al-Khaled Al-Ahmad Al-Sabah

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

Secretary General of the Ministry of Awqaf and Islamic Affairs Abdulmohsen Al-Kharafi

Speaker of the House of Representatives Nabih Berri

Saudi King Abdullah bin Abdulaziz

National Assembly Speaker Marzouq Al-Ghanim

Kuwait's Ambassador to Albania Najib Al-Bader

His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah receives Sheikh Dr. Sabah Jaber Al-Ali Al-Sabah

Kuwait Stock Exchange (KSE)

National Assembly Speaker Marzouq Ali Al-Ghanem

His Highness the Prime Minister Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah

Arab League Secretary General Nabil Al-Araby

Assistant Secretary General of National Council for Culture, Arts and Letters (NCCAL) Dr. Bader Al-Duwaish

Ministry Undersecretary Abdulaziz Al-Khaldi

French President Francois Hollande

Young artist Mohammed Rashid Al-Merri
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