Mobilizing Islamic Finance for Long-Term Investment Financing
|
|
- Giles Booker
- 6 years ago
- Views:
Transcription
1 Mobilizing Islamic Finance for Long-Term Investment Financing MAJID KERMANI, DIRECTOR OF STRATEGY AND POLICY, ICD NOVEMBER 18-19, 2015 ISTANBUL TURKEY
2 Introduction Addressing long-term investment challenges is very critical in boosting economic growth, creating sustainable jobs, lifting productivity and eradicating poverty in the world. Only in infrastructure, there exist an annual demand of $4 trillion a year for investment and we face a persistent shortfall of $1 trillion every year Major impediments, among many, to close this financing gap include: Underdeveloped infrastructure asset class Lack of transparency Inadequate risk profiles of investors Policy uncertainties Bank sector adjustments Underdeveloped capital markets etc. Providing practical solutions would definitely aid policymakers in developing policy frameworks and strategies that promote long-term investment.
3 G20 Context The importance of challenges of long-term investments has been recognized within the auspices of the G20 too. For example, in April this year, the G20 Finance Ministers and Central Bank Governors clearly highlighted their collective economic growth objective that pass through the sound investment strategies and policies. Today, G20 Leaders are working on concrete strategies to aim at improving the investment ecosystem, fostering efficient infrastructure investment and supporting long-term financing opportunities tailored for various needs of businesses.
4 G20 Context Major Observations Looking at historical evidences and prevailing discussions at G20 level enables us to draw three major observations on vision and strategies of G20 leaders for the long-term investment financing. 1. Vital need for global cooperation and multiparty involvement. 2. Investment strategies are not stand alone mechanisms 3. Necessity of emphasizing alternative ways and means of investments
5 Islamic Finance - Introduction The remarkable growth of Islamic assets to approximately USD 2.1 trillion at the end of 2014, with an estimated compounded annual growth rate (CAGR) of 17.3% between 2009 and 2014 is a testimony to the industry s resilient performance. This solid growth rate of the Islamic finance industry is driven by a number of fundamental factors such as, growing Muslim population, a global search for the ethical financing, regulatory advancements, growing interest of financial institutions and financial innovations. The growth in Islamic finance is also visible in the expanding range of services and products that comply with the basic precepts of Sharia law. Global issuance of Sukukhas grown significantly in the past few years, as annual issuances almost tripled from USD 45 billion in 2011 to USD billion in 2014.
6 Islamic Finance - Challenges Unfortunately, the Islamic finance industry is currently facing a number of challenges for maintaining upswing momentum to meet rising demand for long-term investment needs. 1. The lack of the innovation in Islamic finance industry is mainly felt when it comes to financing tenor. The industry is suffering especially from the lack of new products for long-term financing. 2. The secondary market in Islamic financial markets are shallow and relatively under-developed Lack of efficient secondary markets and liquidity in the Islamic financial markets has indirectly limited the range of maturity structures available to investors. 3. Risk management products are also immature in the Islamic financial markets The market needs to see more products of handling and transferring risks particularly risks associated with cross border investments and cross-currency swaps
7 Islamic Finance - Challenges Focusing only on the lack of innovation aspect: Mostly related to the tenor For the short-term financing instruments, a limited number of products such as murabahaand ijaraare already available and have been used and accepted widely. For longer-term financing instruments, the industry is suffering from the lack of new products. Today, despite the existence of a number of products in the market, the demand for medium-to long-term financing is met mainly by profit-sharing agreements (mudaraba) and equity partnership (musharaka) instruments. Even when such choices are available, investors exhibit less enthusiasm, and are hesitant to commit funds and resources due to difficulties and cost associated with liquidating the asset at times of need.
8 Islamic Finance - Challenges The secondary market in Islamic financial markets are shallow and relatively under-developed. Lack of efficient secondary markets and liquidity in the Islamic financial markets has indirectly limited the range of maturity structures available to investors. Although Sukuk provides a secondary market opportunities for banks as well as institutions, its scale and spread is still very minimal and limited compared to the demand in the market. Therefore, due to the absence of liquidity, Islamic bankers cannot easily expand portfolios across capital markets and are restricted only to limited opportunities for portfolio diversification. This poses a challenge to develop more liquid instruments to satisfy demands of the investors and the users of funds seeking medium-and long-term maturity structure with the flexibility of adjusting portfolios at the lowest cost.
9 Islamic Finance - Challenges Risk management products are also immature in the Islamic financial markets. This is not because Islam does not recognize the need for risk management, but is due mainly to the lack of research and innovation in this area. In reality, Islam imposes greater responsibility of prudent identification and sharing of risks. Nevertheless, the market needs to see more products of handling and transferring risks particularly risks associated with cross border investments and cross-currency swaps.
10 Thank You
FINANCIAL COOPERATION
FINANCIAL COOPERATION OIC/COMCEC-FC/34-18/D(..) CCO BRIEF ON FINANCIAL COOPERATION COMCEC COORDINATION OFFICE April 2018 2017 0 CCO BRIEF ON FINANCIAL COOPERATION Financial Cooperation among the Member
More informationDeloitte A Middle East Point of View - Fall 2016 Islamic Finance
16 Islamic megabank The redeemer? 17 Liquidity instruments available to Islamic Banks are few, with many lacking universal Sharia approval across jurisdictions. As a result, IFIs face greater difficulty
More informationAssalamualaikum Warahmatullah Wabarakatuh, A very good morning to all of you. [Greeting]
Keynote Address Governor Agus D.W. Martowardojo At the IFSB International Seminar Enhancing Financial Inclusion through Islamic Finance Jakarta, March 31 st, 2015 Bismillahirrahmanirrahiim, His Excellency:
More informationFINANCE. Islamic Finance as Social Impact Investing. Issue Brief 2013/08. Dec Andrew Sheng
Dec 2013 Issue Brief 2013/08 FINANCE Andrew Sheng The principles of Islamic finance, as defined by the Shariah, prescribe that finance must serve society and prohibit unfair and speculative activities.
More informationMinisterial Conference on the Financial Crisis
UNECA Ministerial Conference on the Financial Crisis BRIEFING NOTE 1: The Current Financial Crisis: Impact on African Economies Ramada Plaza Hotel, Tunis, Tunisia November 12, 2008 1. Introduction The
More informationGovernor's Statement No. 30 October 7, Statement by the Hon. ZHOU XIAOCHUAN, Governor of the Fund for the PEOPLE'S REPUBLIC OF CHINA
Governor's Statement No. 30 October 7, 2016 Statement by the Hon. ZHOU XIAOCHUAN, Governor of the Fund for the PEOPLE'S REPUBLIC OF CHINA Statement by the Hon. ZHOU Xiaochuan, Governor of the Fund for
More informationA cross sectoral approach to the supervision of Islamic Financial Services: the IOSCO view
A cross sectoral approach to the supervision of Islamic Financial Services: the IOSCO view Philippe Richard, IOSCO Secretary General Introduction IOSCO is the global standard setter for securities regulation,
More informationROADMAP TO INFRASTRUCTURE AS AN ASSET CLASS
Infrastructure for Growth and Development Infrastructure is a key driver of economic growth and prosperity. The quality, access and affordability of infrastructure both physical and digital are determinants
More informationZeti Akhtar Aziz: Metamorphosis into an international islamic banking and financial hub
Zeti Akhtar Aziz: Metamorphosis into an international islamic banking and financial hub Special address by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the ASLI s World Islamic Economic
More informationSources of Development Finance. A. Strengthening Domestic Resource Mobilization and Public Expenditures
to shift current development financing and investment patterns. In moving forward, better and smarter ODA can help catalyze and leverage financing from these diverse sources towards the SDGs. II. Sources
More informationThe State of the Islamic Capital Market & Future Prospects
The State of the Islamic Capital Market & Future Prospects Ijlal Alvi CEO IIFM Contents Global Market Perspective The Islamic Capital Market OIC Equity Market Malaysian Capital Markets Way Forward Future
More informationSECTOR ASSESSMENT (SUMMARY): FINANCE 1
Country Partnership Strategy: Pakistan, 2015 2019 SECTOR ASSESSMENT (SUMMARY): FINANCE 1 1. Sector Performance, Issues and Opportunities 1. Financial sector participants. Pakistan s financial sector is
More informationPresentation Outline Copyright Bank Nizwa. All Rights Reserved. 2
Presentation Outline Real Economy VS Capitalism PREAMBLE Overview of Islamic Finance Section 1 Islamic Banks VS Conventional Banks Section 2 A Glimpse Into Islamic Finance Products and Services Section
More information2030 Agenda for Sustainable Development
2030 Agenda for Sustainable Development The role of Development Finance in achieving the Sustainable Development Goals (SDGs): the Case of Islamic finance Alignment with Sustainable Development Goals (SDG)
More informationThe Certified Islamic Specialist in Accounting
1 The Certified Islamic Specialist in Accounting Introduction: Financial accounting plays a vital role in the measurement and establishment of financial events and facts taking place in banks to determine
More informationCONTRIBUTION OF ISLAMIC FINANCE TO THE 2030 AGENDA FOR SUSTAINABLE DEVELOPMENT 13 NOVEMBER 2017
CONTRIBUTION OF ISLAMIC FINANCE TO THE 2030 AGENDA FOR SUSTAINABLE DEVELOPMENT 13 NOVEMBER 2017 AUTHOR: HABIB AHMED Durham University Business School, Durham University, United Kingdom habib.ahamed@durham.ac.uk
More informationWritten Statement of China by. CHEN Yulu. Deputy Governor of the People s Bank of China. At the Annual Meeting of the EBRD in Jordan
CHINA AM011e-X 1 Written Statement of China by CHEN Yulu Deputy Governor of the People s Bank of China At the Annual Meeting of the EBRD in Jordan First of all, I would like to extend sincere thanks to
More informationAmar Finance and Leasing Company
Amar Finance and Leasing Company Kuwaiti Closed Shareholding Company Operates in accordance with Islamic Shari a Sharq Area, Ahmed Al-Jaber St., Al-Bodoor Tower P.O.Box: 28776 Safat,13148 Kuwait, Tel.:
More informationDiversification of Islamic Financial Instruments in Turkey
Republic of Turkey Undersecretariat of Treasury Diversification of Islamic Financial Instruments in Turkey Utku ŞEN Treasury Expert 9 th MEETING OF THE COMCEC FINANCIAL COOPERATION WORKING GROUP October
More informationInternational Monetary and Financial Committee
International Monetary and Financial Committee Thirty-Eighth Meeting October 12 13, 2018 Statement No. 38-19 Statement by Mr. Mnuchin United States United States IMFC Statement October 2018 I am pleased
More informationSoutheast Asia Disaster Risk Insurance Facility
Southeast Asia Disaster Risk Insurance Facility PROTECT THE GREATEST HOME OF ALL: OUR COUNTRIES SEADRIF is a regional platform to provide ASEAN countries with financial solutions and technical advice to
More informationCAPITAL MARKETS DEVELOPMENT IN TURKEY AND POLAND MARTIN RAISER COUNTRY DIRECTOR
CAPITAL MARKETS DEVELOPMENT IN TURKEY AND POLAND MARTIN RAISER COUNTRY DIRECTOR March 27, 2015 Why do we need well developed local capital markets? Capital markets are critical to accelerate economic growth,
More informationThe Road to Graduation Case Study of Lao PDR
The Road to Graduation Case Study of Lao PDR Syviengxay Oraboune, Deputy Director General National Economic Research Institute (NERI), MPI Asia-Pacific Regional Workshop on LDC Graduation Strategy Organized
More informationZeti Akhtar Aziz: Islamic finance a global growth opportunity amidst a challenging environment
Zeti Akhtar Aziz: Islamic finance a global growth opportunity amidst a challenging environment Keynote address by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the State Street Islamic
More informationThe Potential of Islamic Finance in Achieving the SDGs
The Potential of Islamic Finance in Achieving the SDGs Dr. Rami Ahmad Special Envoy on SDGs Senior Advisor to the President Islamic Development Bank Group SUSTAINABLE DEVELOPMENT TRANSITION FORUM 2017
More informationSusan Schmidt Bies: An update on Basel II implementation in the United States
Susan Schmidt Bies: An update on Basel II implementation in the United States Remarks by Ms Susan Schmidt Bies, Member of the Board of Governors of the US Federal Reserve System, at the Global Association
More informationSecuritization in Emerging Markets - Turkish Case -
Securitization in Emerging Markets - Turkish Case - Bratislava, May 15, 2008 The Real Story Six Phases of a Securitization Project Daruma is an independent and the leading Turkish Corporate Finance House
More informationFuture strategies for regional financial development
Future strategies for regional financial development March 2, 2009 Tokyo, Japan Noritaka Akamatsu The World Bank Issues Implications of the global financial crisis for the Asian markets and the main policy
More informationDar Al Takaful Major Achievements And 2016 Plan
Dar Al Takaful Major Achievements And 2016 Plan Dar Al Takaful (DAT), established in 2008, has become a name to reckon with in the Takaful/Insurance market of UAE in a short span of time. Through its innovative
More informationSECTOR ASSESSMENT (SUMMARY): FINANCE 1
Country Partnership Strategy: Thailand, 2013 2016 A. Sector Issues and Opportunities SECTOR ASSESSMENT (SUMMARY): FINANCE 1 1. Thailand has a sound and well-regulated banking system, capital market, and
More informationMobilizing Islamic Finance for Long-Term Investment Financing Create an Enabling Environment for Long Term Islamic Financing
Mobilizing Islamic Finance for Long-Term Investment Financing Create an Enabling Environment for Long Term Islamic Financing Hatim El-Tahir, PhD, FCIB, FCISI Director, Islamic Finance Group Deloitte &
More informationSecuritization & Financial Development in MENA Dr. Nasser Saidi* 1 Keynote speech at Securitisation World: MENA 2007 Conference Dubai, 18 March 2007
Securitization & Financial Development in MENA Dr. Nasser Saidi* 1 Keynote speech at Securitisation World: MENA 2007 Conference Dubai, 18 March 2007 Ladies and Gentlemen: 1. Thank you for inviting me to
More informationThe expansion of the U.S. economy continued for the fourth consecutive
Overview The expansion of the U.S. economy continued for the fourth consecutive year in 2005. The President has laid out an agenda to maintain the economy's momentum, foster job creation, and ensure that
More informationThe 2008 Global Crisis: How and why Indonesia survive
The 2008 Global Crisis: How and why Indonesia survive Dr Darmin Nasution Acting Governor Bank Indonesia Presented at the 1 st Annual Meeting of the Central Banks of the OIC, Istanbul, Oct 2009 1 Indonesia:
More informationA Comparative Analysis of Transparency and Disclosure Practices by the Largest Middle East Economies
A Comparative Analysis of Transparency and Disclosure Practices by the Largest Middle East Economies By Dr. Assem Safieddine and Leila Atwi (An edited version appeared in Harvard Business Review Arabia
More informationFROM BILLIONS TO TRILLIONS:
98023 FROM BILLIONS TO TRILLIONS: MDB Contributions to Financing for Development In 2015, the international community is due to agree on a new set of comprehensive and universal sustainable development
More informationMessage from the Prime Minister of Republic of Turkey
TURKISH G20 PRESIDENCY PRIORITIES FOR 2015 Message from the Prime Minister of Republic of Turkey The Great Recession in 2008-09 taught us that the solution to global challenges rests in global actions.
More informationEnhancing the Resilience and Stability of the Islamic Financial System
Enhancing the Resilience and Stability of the Islamic Financial System Regulators Forum Global Islamic Finance Forum 2010 Special Session on Islamic Finance and Financial Stability Report Dr. Zeti Akhtar
More informationInternational Monetary and Financial Committee
International Monetary and Financial Committee Thirty-Third Meeting April 16, 2016 IMFC Statement by Bill Morneau Minister of Finance, Canada On behalf of Antigua and Barbuda, The Bahamas, Barbados, Belize,
More informationThe Strategy for Development of the. Microfinance Sector in Sudan. A Central Bank Initiative
The Strategy for Development of the Microfinance Sector in Sudan A Central Bank Initiative Abda Y. El-Mahdi Managing Director Unicons Consultancy Ltd. The Status of the Microfinance Sector in Sudan A growing
More informationBrick. Although the urgent need to upgrade infrastructure is a challenge shared across the G20, potential solutions lie in wait, says EY s Bill Banks.
Brick bybrick Although the urgent need to upgrade infrastructure is a challenge shared across the G20, potential solutions lie in wait, says EY s Bill Banks. Feature Brick by brick Citizen Today November
More informationI for Impact: Blending Islamic Finance and Impact Investing for the Global Goals
Islamic Economic Studies Vol. 25, No. 2, July, 2017 DOI: 10.12816/0038224 I for Impact: Blending Islamic Finance and Impact Investing for the Global Goals Description: This report launched in May 2017,
More informationTHOMSON REUTERS BENCHMARK SERVICES LIMITED
THOMSON REUTERS BENCHMARK SERVICES LIMITED Benchmark Statement Canadian Dollar Offered Rate (CDOR) Date of Publication and Last Update: 24 July 2018 Thomson Reuters Document Classification: Public Page
More informationCapacity Building Workshop on the Role of Capital Markets in Mobilizing Domestic Resources in Africa. Draft Concept Note
AFRICAN UNION UNION AFRICAINE UNIÃO AFRICANA Capacity Building Workshop on the Role of Capital Markets in Mobilizing Domestic Resources in Africa Draft Concept Note Department of Economic Affairs September
More information(TRANSLATION) Report of the Auditors
(TRANSLATION) To the Minister of Finance Report of the Auditors The Office of the Auditor General of Thailand has audited the accompanying financial statements of the Bank of Thailand, which comprise the
More informationHISTORY OF BANK INDONESIA : BANKING Period from
HISTORY OF BANK INDONESIA : BANKING Period from 1983-1997 Contents : Page 1. Highlights 2 2. Direction of Banking Policies 1983-1997 4 3. Strategic Steps 1983-1997 6 4. Supervision Authority 1983-1997
More informationZeti Akhtar Aziz: Potential role of Islamic finance in strengthening the New Silk Road
Zeti Akhtar Aziz: Potential role of Islamic finance in strengthening the New Silk Road Special address by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at GIFF Investors & Issuers Forum:
More informationAIIB S ROLE IN FINANCING ASIA S INFRASTRUCTURE GAP OPPORTUNITIES FOR EUROPEAN CONTRACTORS
AIIB S ROLE IN FINANCING ASIA S INFRASTRUCTURE GAP OPPORTUNITIES FOR EUROPEAN CONTRACTORS Ian Nightingale - AIIB Procurement Advisor WHAT IS THE ASIAN INFRASTRUCTURE INVESTMENT BANK? A new multilateral
More informationSUKUK, an Emerging Asset Class
SUKUK, an Emerging Asset Class Ibrahim Mardam-Bey CEO, Siraj Capital Ltd November, 2007 DEFINITION AAOIFI Standard 17: investment Sukuk are certificates of equal value representing undivided shares in
More information3rd Annual Affordable Housing Africa
3rd Annual Affordable Housing Africa Bridging the Gap: Housing Finance & Policy Developing Primary and Secondary Mortgage Markets to Provide Accessible and Affordable Housing in Nigeria Charles Inyangete,
More informationIFSB FORUM THE EUROPEAN CHALLENGE
IFSB FORUM THE EUROPEAN CHALLENGE ROME, 9 APRIL 2013 Opening address by Governor Ignazio Visco Ladies and gentlemen, I am pleased to welcome you today to this Seminar, organized by the Islamic Financial
More information4 Islamic Banking. Islamic Banking continues to grow both globally and domestically
4 Islamic Banking The increase in assets base of Islamic banking outpaces the growth in the overall banking sector as share of Islamic banking reaches 11.4 percent during CY15 in line with the 5 year strategic
More informationFINANCIAL MANAGEMENT
PART 2 CPA SECTION 3 CCP SECTION 3 CS SECTION 3 STUDY TEXT KASNEB JULY 2018 SYLLABUS Revised on: January 2019 PAPER NO.8 GENERAL OBJECTIVE This paper is intended to equip the candidate with knowledge,
More informationJanuary Brunei Darussalam: Development Status
January 213 Brunei Darussalam: Development Status ABBREVIATIONS ADB Asian Development Bank ADF Asian Development Fund GDP gross domestic product GNI gross national income IMF International Monetary Fund
More informationINDONESIAN ECONOMY Recent Developments and Challenges. BUDI MULYA Deputy Governor of Bank Indonesia
INDONESIAN ECONOMY Recent Developments and Challenges BUDI MULYA Deputy Governor of Bank Indonesia Addressed at OCBC Global Treasury Economic and Business Forum Singapore, 9 July 2010 First of all, I would
More informationUnnayan Onneshan Policy Brief December, 2011
Unnayan Onneshan Policy Brief December, 2011 Poverty and Inequality in Bangladesh K. M. Mustafizur Rahman INTRODUCTION Reduction of poverty and inequality is a fundamental challenge in Bangladesh. Prioritizing
More informationThe Saudi Sukuk Market
The Saudi Sukuk Market For comments and queries please contact: Brad Bourland Chief Economist jadwaresearch@jadwa.com Paul Gamble Head of Research pgamble@jadwa.com or the author: Haitham al-fayez Senior
More informationCIS REGION A GROWING OPPORTUNITY FOR ISLAMIC FINANCE
CIS REGION The Commonwealth of Independent States (CIS) countries are emerging as a region of opportunity for Islamic finance. The financial sectors in the frontier CIS countries are expected to record
More informationNinth Annual LARIBA Symposium
Ninth Annual LARIBA Symposium Freddie Mac s Role in the U.S. Housing Finance System James F. Carey, Director Freddie Mac We Open Doors Every Step of the Way Freddie Mac s Role Background Chartered by congress
More informationISDA. Robert Pickel Executive Director and CEO. Tomoko Morita Policy Director and Head of Tokyo Office
May 10, 2007 The Study Group for Internationalization of Capital and Financial Markets in Japan Recent Developments in Credit Derivatives market and the Challenges for Japan Robert Pickel Executive Director
More informationTestimony Concerning Regulation of Over-The-Counter Derivatives
Page 1 of 11 Home Previous Page Testimony Concerning Regulation of Over-The-Counter Derivatives by Chairman Mary L. Schapiro U.S. Securities and Exchange Commission Before the Subcommittee on Securities,
More informationPublic Disclosure Authorized. Public Disclosure Authorized. Public Disclosure Authorized MALAWI. Pensions for the Future
Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized MALAWI Pensions for the Future d ECONOMIC PROFILE Inflation: 23.5% (average 24% since the 90 s) Main Exports: Tobacco,
More informationISLAMIC FINANCE TRANSACTIONS IN TURKEY YONCA FATMA YÜCEL BANKING REGULATION AND SUPERVISION AGENCY
ISLAMIC FINANCE TRANSACTIONS IN TURKEY YONCA FATMA YÜCEL BANKING REGULATION AND SUPERVISION AGENCY ISLAMIC FINANCE Equity Fairness Profit and Loss Sharing Participatory Real Transactions ISLAMIC FINANCE
More informationCommunity level impacts of financial inclusion in Kenya with particular focus on poverty eradication and employment creation
Community level impacts of financial inclusion in Kenya with particular focus on poverty eradication and employment creation By Matu Mugo Central Bank of Kenya UN Expert Group Meeting 8 th to 11 th May
More informationCentral banking in Africa: prospects in a changing world
Central banking in Africa: prospects in a changing world Jaime Caruana 1. Introduction Governors and senior officials representing some two dozen central banks met at the BIS in May 2011 to discuss the
More informationFSC Newsletter. Liquidity Risk Management. Number 3 Year Background
FSC Newsletter Number 3 Year 2008 Liquidity Risk Management Background The market turmoil that began in mid-2007 has re-emphasised the importance of liquidity to the functioning of financial markets and
More informationMeeting of the Central Banks and Monetary Authorities of the Member Countries of the Organization of the Islamic Conference (OIC) FINAL REPORT
Meeting of the Central Banks and Monetary Authorities of the Member Countries of the Organization of the Islamic Conference (OIC) Impacts of the Current Crisis on OIC Member Countries 3 October 2009, Istanbul,
More informationDRAFT MOTION FOR A RESOLUTION
EUROPEAN PARLIAMT 2014-2019 Plenary sitting 23.4.2015 B8-0000/2015 DRAFT MOTION FOR A RESOLUTION further to Question for Oral Answer B8-xxxx/2015 pursuant to Rule 128(5) of the Rules of Procedure on Building
More informationTD/505. United Nations Conference on Trade and Development. Declaration of the Least Developed Countries. United Nations
United Nations United Nations Conference on Trade and Development Distr.: General 18 July 2016 Original: English TD/505 Fourteenth session Nairobi 17 22 July 2016 Declaration of the Least Developed Countries
More informationAttendance at the Singapore Due Diligence 2012 is strictly by invitation only. The content of this presentation is intended solely for invited guests
should not be reproduced or distributed to persons other than the invited guests. Overview of Islamic Finance Hanifah Hashim Head of Fixed Income (Malaysia) Franklin Templeton Investments September 26,
More informationBen S Bernanke: Modern risk management and banking supervision
Ben S Bernanke: Modern risk management and banking supervision Remarks by Mr Ben S Bernanke, Chairman of the Board of Governors of the US Federal Reserve System, at the Stonier Graduate School of Banking,
More informationA Regulatory & Tax Framework Review in Key European Markets IFN Europe June 2014
A Regulatory & Tax Framework Review in Key European Markets IFN Europe 2014 26 June 2014 Islamic Finance in Europe Motive to develop Islamic Finance Internal Demand More than 20 million Muslims in the
More informationRegional Financial Integration and Financial Regulatory Cooperation The Importance of Asia s Bond Markets Lotte Schou-Zibell, ADB
Regional Financial Integration and Financial Regulatory Cooperation The Importance of Asia s Bond Markets Lotte Schou-Zibell, ADB Workshop: The Global Financial Crisis and the Reform of the Financial Regulatory
More informationG20 STUDY GROUP ON CLIMATE FINANCE PROGRESS REPORT. (November )
G20 STUDY GROUP ON CLIMATE FINANCE PROGRESS REPORT (November 2 2012) SECTION 1 OVERVIEW OF STUDY GROUP INTRODUCTION This study group has been tasked by G20 leaders in Los Cabos to consider ways to effectively
More informationCrowding-In Capital: How Insurance Companies Can Expand Access to Finance
www.ifc.org/thoughtleadership NOTE 5 APRIL 08 Crowding-In Capital: How Insurance Companies Can Expand Access to Finance Development institutions, governments, and the investment community have been exploring
More informationSUSTAINABILITY AND ISLAMIC FINANCE
15th Kuala Lumpur Islamic Finance Forum SUSTAINABILITY AND ISLAMIC FINANCE Zainal Izlan Zainal Abidin Securities Commission Malaysia 9 April 2019 Essence of Sustainability Meeting the needs of the present
More informationNew York, 9-13 December 2013
SIXTH SESSION OF THE OPEN WORKING GROUP OF THE GENERAL ASSEMBLY ON SUSTAINABLE DEVELOPMENT GOALS New York, 9-13 December 2013 Statement of Mr. Paolo Soprano Director for Sustainable Development and NGOs
More informationInternational Monetary and Financial Committee
International Monetary and Financial Committee Thirty-Fifth Meeting April 22, 2017 IMFC Statement by William Morneau Minister of Finance Canada On behalf of Antigua and Barbuda, The Bahamas, Barbados,
More informationInfrastructure Finance
www.pwc.com/ke Infrastructure Finance Uncertainty and Change in Sub-Saharan Africa Infrastructure finance Uncertainty and change in Sub-Saharan Africa Traditional finance models have faltered in the wake
More informationTHE COORDINATING MINISTRY FOR ECONOMIC AFFAIRS REPUBLIC OF INDONESIA
THE COORDINATING MINISTRY FOR ECONOMIC AFFAIRS REPUBLIC OF INDONESIA Main Building, Ministry of Finance, Jl. Lapangan Banteng Timur No.-4 Jakarta Pusat Tel: (0) 80-884 Fax: (0) 44-094 Website: http://www.ekon.go.id
More informationThe Development of Asian Bond Markets and the Role of the Credit Guarantee and Investment Facility
2015/FMP/WKSP2/018 Session 4.2 The Development of Asian Bond Markets and the Role of the Credit Guarantee and Investment Facility Submitted by: Credit Guarantee and Investment Facility (CGIF) Workshop
More informationVítor Constâncio: Economic reforms European and Chinese challenges
Vítor Constâncio: Economic reforms European and Chinese challenges Speech by Mr Vítor Constâncio, Vice-President of the European Central Bank, at The Hamburg Summit: China meets Europe, Hamburg, 25 November
More informationAHLI BANK SAOG Unaudited interim condensed financial statements 30 September 2017
AHLI BANK SAOG Unaudited interim condensed financial statements 30 September 2017 CONTENTS OF THE INTERIM CONDENSED FINANCIAL STATEMENTS Chairman's report 2-4 Report on the review of interim condensed
More informationI s l a m i c D e v e l o p m e n t B a n K 0
I s l a m i c D e v e l o p m e n t B a n K 0 I s l a m i c D e v e l o p m e n t B a n K 1 The IsDB Group 1975 2008 1994 1999 1981 Islamic Development Bank (IsDB) Foster the economic development and social
More informationIndonesia Update. Yield Movements. Size and Composition
Indonesia Update Yield Movements Indonesia s government bond yield curve shifted downward for all maturities between end- December 2009 and end-june 2010 (Figure 1). The government bond yield curve flattened
More informationTo G20 Finance Ministers and Central Bank Governors
THE CHAIR 13 March 2018 To G20 Finance Ministers and Central Bank Governors G20 Finance Ministers and Central Bank Governors are meeting against a backdrop of strong and balanced global growth. This momentum
More informationDr. Cihan Aktas Deputy Executive Director Banking and Financial Institutions Department Central Bank of the Republic of Turkey
Dr. Cihan Aktas Deputy Executive Director Banking and Financial Institutions Department Central Bank of the Republic of Turkey Session III: Supporting Oman Real Economy and Entrepreneurships Oman Second
More informationCOMMUNIQUE. Page 1 of 13
COMMUNIQUE 16-COM-001 Feb. 1, 2016 Release of Liquidity Risk Management Guiding Principles The Credit Union Prudential Supervisors Association (CUPSA) has released guiding principles for Liquidity Risk
More informationStatement of. Alan Greenspan. Chairman. Board of Governors of the Federal Reserve System. before the. Committee on Banking, Housing, and Urban Affairs
For release on delivery 10:00 a.m. EDT April 13, 2000 Statement of Alan Greenspan Chairman Board of Governors of the Federal Reserve System before the Committee on Banking, Housing, and Urban Affairs United
More informationEBRD s Perspective on Islamic Finance
EBRD s Perspective on Islamic Finance Jim Turnbull Associate Director, Head of DCM, LC2 Izmir - October 2018 Need of Global Infrastructure in Developing Countries ~$1 Trillion Investment Gap ~$1 Trillion
More informationThird International Conference on Financing for Development
Third International Conference on Financing for Development Check against delivery Side Event On Increasing Africa s Fiscal Space jointly organized by United Nations Economic Commission for Africa, Government
More informationCash and Cash Equivalents
Cash and Cash Equivalents We shall start our look at the different asset classes this week. I do not intend to go too deeply into many of the assets themselves. There are plenty of good definitions on
More informationStructured Finance : Asset Based Finance and Covered
1 Structured Finance : Asset Based Finance and Covered Moyn UDDIN Executive Director Al Waha Capital PJSC Dubai, December 15th, 2010 DIFC Conference Center Covered Bond Basics 2 Basic Structure Security
More informationRisk Management in Islamic Financial Institutions
1 Risk Management in Islamic Financial Institutions Rifki Ismal Sesric Training Program Turkey, 3-5th June 2013 2 DAY THREE Sharia Approaches on Liquidity Risk Management Challenges Related to Liquidity
More informationRISING UP TO THE CHALLENGES IN ISLAMIC LIQUIDITY MANAGEMENT
RISING UP TO THE CHALLENGES IN ISLAMIC LIQUIDITY MANAGEMENT An Exchange s Perspective November 2010 Raja Teh Maimunah Global Head, Islamic Markets Contemporary Issues Managing liquidity is arguably the
More informationMANAGEMENT DISCUSSION & ANALYSIS DISCLOSURE GUIDE
2017 MANAGEMENT DISCUSSION & ANALYSIS DISCLOSURE GUIDE BURSA MALAYSIA SECURITIES BERHAD March 2017 Table of Contents MANAGEMENT DISCUSSION & ANALYSIS DISCLOSURE GUIDE 1. INTRODUCTION 1.1 Objectives of
More informationPERFORMANCE OF SHARI A- COMPLIANT EQUITIES: A CASE STUDY OF INDIA
11 PERFORMANCE OF SHARI A- COMPLIANT EQUITIES: A CASE STUDY OF INDIA The world s economic centre of gravity is gradually shifting from the established wealthy economies to the emerging economies including
More informationTestimony of. Michael Middleton. American Bankers Association. United States Senate
Testimony of Michael Middleton On behalf of the American Bankers Association for the hearing Creating a Housing Finance System Built to Last: Ensuring Access for Community Institutions before the Banking,
More informationInternational Monetary and Financial Committee
International Monetary and Financial Committee Thirty-Seventh Meeting April 20 21, 2018 Statement No. 37-8 Statement by Mr. Maurer Switzerland On behalf of Republic of Azerbaijan, Republic of Kazakhstan,
More informationD R A F T (as of 23 January 2014)
D R A F T (as of 23 January 2014) Concept Note on Technical Committee of Experts (TCE) Meeting on Development of a Coherent Framework for Improving the Infrastructure of the Islamic Banking and Finance
More information