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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.

... resolution satisfying financial stability objectives and Shariah principles that
could potentially modify the treatment of the Islamic banking window. Monitoring
the impact of using an Islamic monetary instrument (e.g., Sukuk) could be difficult
in ...

Regulation and Supervision of Islamic Banks

This paper aims at developing a better understanding of Islamic banking (IB) and providing policy recommendations to enhance the supervision of Islamic banks (IBs). It points out and discusses similarities and differences of IBs with conventional banks (CBs) and reviews whether the IBs are more stable than CBs. Given the risks faced by IBs, the paper concludes that they need a legal, corporate and regulatory framework as much as CB does. The paper also argues that it is important to ensure operational independence of the supervisory agency, which has to be supported by adequate resources, a sound legal framework, a well designed governance structure, and robust accountability practices.

An orderly resolution of a distressed conventional bank (with an Islamic window)
may not satisfy financial stability objectives and Shariah principles. Monitoring
the impact of using an Islamic monetary instrument (e.g., Sukuk) could be difficult.