Islamic banking gets boost in Asia

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Manila-based Asian Development Bank has signed a memorandum of understanding with the Islamic Financial Services Board (IFSB) to help all member countries to adopt unique financial standards for Shariah banking.

The five-year agreement will see the ADB support member countries in legal and regulatory aspects of meeting the IFSB”s standards, Ashraf Mohammed, assistant general counsel at the ADB, was quoted as saying by Reuters.

The majority of the 187 ADB members come from the Arabian Gulf and Malaysia. In contrast, only seven IFSB members come from Indonesia, Pakistan and Bangladesh, the world”s three most populous Muslim-majority countries.

In the short term the agreement will focus on Indonesia, Bangladesh, Pakistan, the Maldives, Afghanistan, Kazakhstan and the Philippines, Mohammed said.

“The importance of Islamic finance in the development of Asia cannot be doubted, as can be seen by the significant increase in Shariah compliant financing in a number of ADB’s developing member countries in recent years,” Bindu Lohani, ADB Vice President for Knowledge Management and Sustainable Development, said.

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Reading Time: 1 minute

Manila-based Asian Development Bank has signed a memorandum of understanding with the Islamic Financial Services Board (IFSB) to help all member countries to adopt unique financial standards for Shariah banking.

Reading Time: 1 minute

Manila-based Asian Development Bank has signed a memorandum of understanding with the Islamic Financial Services Board (IFSB) to help all member countries to adopt unique financial standards for Shariah banking.

The five-year agreement will see the ADB support member countries in legal and regulatory aspects of meeting the IFSB”s standards, Ashraf Mohammed, assistant general counsel at the ADB, was quoted as saying by Reuters.

The majority of the 187 ADB members come from the Arabian Gulf and Malaysia. In contrast, only seven IFSB members come from Indonesia, Pakistan and Bangladesh, the world”s three most populous Muslim-majority countries.

In the short term the agreement will focus on Indonesia, Bangladesh, Pakistan, the Maldives, Afghanistan, Kazakhstan and the Philippines, Mohammed said.

“The importance of Islamic finance in the development of Asia cannot be doubted, as can be seen by the significant increase in Shariah compliant financing in a number of ADB’s developing member countries in recent years,” Bindu Lohani, ADB Vice President for Knowledge Management and Sustainable Development, said.

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