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THE ARAB MONETARY FUND ORGANIZES A "REMOTE" WORKSHOP ON THE BASIC PRINCIPLES OF EFFECTIVE ISLAMIC DEPOSIT INSURANCE SYSTEMS DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

THE ARAB MONETARY FUND ORGANIZES A "REMOTE" WORKSHOP ON THE BASIC PRINCIPLES OF EFFECTIVE ISLAMIC DEPOSIT INSURANCE SYSTEMS

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THE ARAB MONETARY FUND ORGANIZES A "REMOTE" WORKSHOP ON THE BASIC PRINCIPLES OF EFFECTIVE ISLAMIC DEPOSIT INSURANCE SYSTEMS Empty THE ARAB MONETARY FUND ORGANIZES A "REMOTE" WORKSHOP ON THE BASIC PRINCIPLES OF EFFECTIVE ISLAMIC DEPOSIT INSURANCE SYSTEMS

Post by claud39 Thu Jun 03, 2021 6:58 pm

THE ARAB MONETARY FUND ORGANIZES A "REMOTE" WORKSHOP ON THE BASIC PRINCIPLES OF EFFECTIVE ISLAMIC DEPOSIT INSURANCE SYSTEMS








 2021-06-02


THE ARAB MONETARY FUND ORGANIZES A "REMOTE" WORKSHOP ON THE BASIC PRINCIPLES OF EFFECTIVE ISLAMIC DEPOSIT INSURANCE SYSTEMS Logo-ar




Wednesday, June 2, 2021
15:00 to 17:20 Abu Dhabi time
The assembled discuss:
The role of Islamic deposit insurance systems in enhancing financial stability
Techniques for solving crises in Islamic banking
Promote awareness of the importance of Islamic deposit systems
Methods of intervention by central banks in addressing the challenges faced by Islamic banking
Recovery plans and crisis management in Islamic banking
 


Today, Wednesday, June 2, 2021, the Arab Monetary Fund is organizing a "remote" workshop on the basic principles of effective Islamic deposit insurance systems, in partnership with the Islamic Financial Services Board (IFSB) and the International Federation of Deposit Insurance Institutions (IADI) associated with the Bank for International Settlements . High-level officials from Arab and Islamic countries will participate in the workshop, representing central banks, deposit guarantee institutions and commercial banks.   

Holding the workshop comes within the framework of the Arab Monetary Fund's keenness to provide a platform for dialogue and consultation between high-ranking officials in the public and private sectors to exchange experiences and opinions on ways to strengthen the crisis management system in the Islamic banking sector, and to address the challenges facing the sector in terms of creating a system of deposit guarantees that comply with the provisions of Sharia. Islamic banking, thus promoting financial stability.

The workshop aims to emphasize the important role that deposit insurance institutions play in protecting depositors and guaranteeing their deposits with them in accordance with their laws, to encourage savings and enhance confidence in the banking system, which will reflect positively on banking and financial stability, in addition to contributing to helping any bank that is exposed to challenges that have a fundamental impact on its position. and contribute to spreading the culture of risk management in the banking sector.

In this context, the Basel Committee on Banking Supervision, in cooperation with the International Federation of Deposit Insurance Institutions, had previously issued in 2009 a paper on the basic principles of effective deposit insurance systems, as a lesson learned from the global financial crisis in 2008, but these principles were directed more towards conventional banks. As for Islamic banks, they faced some challenges related to the full application of these principles, in light of the restrictions associated with the provisions of Islamic Sharia. Accordingly, the concerned international institutions and central banks have been creating frameworks and systems to guarantee Islamic deposits that take into account the specificity of Islamic banks’ business models, and aim to enhance the ability of the supervisory authorities to reduce the partial and total risks that may arise from the Islamic banking sector, and to provide tools that ensure early intervention for central banks, including reduces costs.

The topics of the workshop also include important aspects related to the banking crisis management system in the Islamic banking sector, including the role of Islamic deposit insurance systems in enhancing financial stability, crisis-resolution techniques in Islamic banking, promoting awareness of the importance of Islamic deposit systems, and methods of intervention by central banks in addressing the challenges they face. Islamic banking, recovery plans and crisis management in Islamic banking, and the guarantee of Islamic deposits across borders.

The workshop includes presentations by a group of experts in the International Federation of Deposit Insurance Institutions and the Islamic Financial Services Board.

In this context, His Excellency the Director-General and Chairman of the Board of Directors of the Arab Monetary Fund, Dr. Abdul Rahman bin Abdullah Al-Hamidi, indicated that holding this workshop comes to confirm that maintaining financial stability in the Arab countries is a priority of the central banks and Arab monetary institutions, given the close link between financial stability and stability. economic and social states. His Excellency also thanked the International Federation of Deposit Insurance Institutions and the Islamic Financial Services Board for their continued cooperation in the framework of partnership with the Arab Monetary Fund, expressing his thanks also to all participants from Arab and Islamic countries for attending the workshop. His Excellency renewed his wishes that God would protect our dear Arab countries and the countries of the world from all harm.





claud39
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