Legal and regulatory framework for Islamic banking needs tightening: IMF | GulfNews.com

Legal and regulatory framework for Islamic banking needs tightening: IMF | GulfNews.com:

"The current framework governing Islamic Banking (IB) contains many gaps that need to be closed through the development of a more comprehensive enabling environment that ensures financial stability and sound development, according to the Executive Board of the International Monetary Fund (IMF).
In a recently adopted staff paper “Ensuring Financial Stability in Countries with Islamic Banking”, the IMF calls for further strengthening of the legal and regulatory environment and institutional framework in countries that have Islamic banking.
“Islamic banking continues to grow rapidly, in size and complexity, posing a challenge to supervisory authorities and central banks. While accounting for a small share of global financial assets, Islamic banking has established a presence in more than 60 countries and has become systemically important in 14 jurisdictions,” the IMF study said."



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