Home About Kuna Advertise Contact Us Kuna's Bureaus Services Term Of Use
Register Login
facebook Twitter Youtube rss
Malaysia calls for regional partnership to face civil aviation threats      KSE ends week's trading in red zone      USD stable against KD at 0.294      Kuwaiti oil up 98 cents to USD 41.86 pb
  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
صور من 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.   Kuwait declares three-day mourning over death of Saudi King Abdullah
2.   Kurdish troops advance on ISIL in Syria's Kobane
3.   His Highness the Amir expresses condolences over demise of late Saudi King Abdullah
4.   Hagel lauds US-India defense cooperation deals
5.   Kuwait Speaker's visit to Turkey is tribute to bilateral ties - Diplomat
6.   France stresses importance of Fabius visit to Kuwait Tuesday
    Photo Gallery

Kuwait Stock Exchange (KSE)

OPEC

His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah during a banquet of the luncheon

His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah during a banquet of the luncheon

سوق الكويت للاوراق المالية (البورصة)

His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah attends flag-raising ceremony

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

His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah receives Minister of Information and Minister of State for Youth Affairs Sheikh Salman Sabah Al-Salem Al-Humoud Al-Sabah and Shooting Association President Pushpa Das Shrestha

Deputy Prime Minister and Minister of Commerce and Industry Dr. Abdulmohsen Al-Madaj

Deputy Prime Minister and Interior Minister Sheikh Mohammad Khaled Al-Hamad Al-Sabah

Minister of Health Ali Al-Obaidi

"KUNA Junior" magazine

His Highness the Crown Prince Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah

His Highness the Crown Prince Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah

Prince Mohammad bin Salman bin Abdulaziz

Minister Prince Mohammad bin Nayef bin Abdulaziz

Minister of Education and Minister of Higher Education Dr. Bader Al-Essa

Saudi Crown Prince Muqrin bin Abdulaziz Al Saud

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

Saudi King Salman bin Abdulaziz Al-Saud

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

King Abdullah bin Abdulaziz bin Abdulrahman bin Faisal bin Turki Al-Saud

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

His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah offers condolences to King Salman on King Abdullah's death
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
Images 2014
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