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Islamic Banking Regulation and Supervision: Survey Results and Challenges

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  • Mr. In W Song
  • Carel Oosthuizen

Abstract

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.

Suggested Citation

  • Mr. In W Song & Carel Oosthuizen, 2014. "Islamic Banking Regulation and Supervision: Survey Results and Challenges," IMF Working Papers 2014/220, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2014/220
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    References listed on IDEAS

    as
    1. Aledjandro Lopez Mejia & Suliman Aljabrin & Rachid Awad & Mr. Mohamed Norat & Mr. In W Song, 2014. "Regulation and Supervision of Islamic Banks," IMF Working Papers 2014/219, International Monetary Fund.
    2. El-Hawary & Dahlia & Grais, Wafik & Iqbal, Zamir, 2004. "Regulating islamic financial institutions : The nature of the regulated," Policy Research Working Paper Series 3227, The World Bank.
    3. Maher Hasan & Jemma Dridi, 2011. "The Effects Of The Global Crisis On Islamic And Conventional Banks: A Comparative Study," Journal of International Commerce, Economics and Policy (JICEP), World Scientific Publishing Co. Pte. Ltd., vol. 2(02), pages 163-200.
    4. Mr. Juan Sole, 2007. "Introducing Islamic Banks into Conventional Banking Systems," IMF Working Papers 2007/175, International Monetary Fund.
    5. Hennie Van Greuning & Zamir Iqbal, 2008. "Risk Analysis for Islamic Banks," World Bank Publications - Books, The World Bank Group, number 6923.
    6. Martin Čihák & Heiko Hesse, 2010. "Islamic Banks and Financial Stability: An Empirical Analysis," Journal of Financial Services Research, Springer;Western Finance Association, vol. 38(2), pages 95-113, December.
    7. Patrick A. Imam & Mr. Kangni R Kpodar, 2010. "Islamic Banking: How Has it Diffused?," IMF Working Papers 2010/195, International Monetary Fund.
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