|Project Name||Development of Prudential and Supervision Standards for Islamic Financial Markets|
|Project Type / Modality of Assistance||Technical Assistance
|Source of Funding / Amount||
|Strategic Agendas||Inclusive economic growth
|Drivers of Change||Partnerships
|Sector / Subsector||
Finance - Finance sector development - Money and capital markets
|Gender Equity and Mainstreaming||No gender elements|
|Project Rationale and Linkage to Country/Regional Strategy|
|Impact||The impact of the proposed TA is growth of Islamic financial markets and freer flow of capital in Southeast Asian region.|
|Description of Outcome||The outcome of the TA will be greater harmonization and broader mutual recognition in Islamic financial markets, in the Southeast Asian region.|
|Progress Toward Outcome|
|Description of Project Outputs||The output of the TA is supoprt to the IFSB to (a) develop the legal and liquidity infrastructure needed for the sound development anad effective supervision of Islamic finance; (b) develop strategies for Islamic capital market development in coordination with the work on liquidity infrastructure, and Islamic asset securitization; (c) provide further education on the IFSB standards and guidelines in order to facilitate the implementation of standards; and (d) provide further guidance on specific elements of the existing standards to assist in developing regulatory requirements or support the supervisory review process.|
|Status of Implementation Progress (Outputs, Activities, and Issues)||
Work has been completed for this Regional TA. The final report has been submitted by the engaged consulting firm, Centennial Group. A conference was held in June for the presentation of the chapters of the report that have been included in the book published by the IFSB.
This TA shall be financially closed before the end of September 2011.
Summary of Environmental and Social Aspects
|Stakeholder Communication, Participation, and Consultation|
|During Project Design|
|During Project Implementation|
|Consulting Services||ADB will recruit a firm to provide international and national consulting services. The TA will finance the services of 30 person-months of international consulting services to be implemented over a period of twenty-four months. The consultants will include a senior Islamic Finance supervisory and regulatory expert and project coordinator, a senior financial sector/statistical expert, senior financial supervision and training expert, a senior legal expert and a senior Islamic capital market and tax expert.|
|Responsible ADB Officer||Mohd Ismail, Mohd Sani|
|Responsible ADB Department||Southeast Asia Department|
|Responsible ADB Division||Public Management, Financial Sector and Trade Division, SERD|
Asian Development Bank
6 ADB Ave. Mandaluyong, Manila 1550, Philippines
|Concept Clearance||21 Feb 2008|
|Fact Finding||20 Nov 2008 to 21 Nov 2008|
|Approval||05 Mar 2009|
|Last Review Mission||-|
|PDS Creation Date||30 Mar 2009|
|Last PDS Update||24 Aug 2011|
|Approval||Signing Date||Effectivity Date||Closing|
|05 Mar 2009||-||05 Mar 2009||28 Feb 2011||30 Jun 2011||-|
|Financing Plan/TA Utilization||Cumulative Disbursements|
|425,000.00||425,000.00||0.00||0.00||0.00||0.00||850,000.00||05 Mar 2009||650,095.66|
Project Data Sheets (PDS) contain summary information on the project or program. Because the PDS is a work in progress, some information may not be included in its initial version but will be added as it becomes available. Information about proposed projects is tentative and indicative.
The Public Communications Policy (PCP) recognizes that transparency and accountability are essential to development effectiveness. It establishes the disclosure requirements for documents and information ADB produces or requires to be produced.
The Accountability Mechanism provides a forum where people adversely affected by ADB-assisted projects can voice and seek solutions to their problems and report alleged noncompliance of ADB's operational policies and procedures.
In preparing any country program or strategy, financing any project, or by making any designation of, or reference to, a particular territory or geographic area in this document, the Asian Development Bank does not intend to make any judgments as to the legal or other status of any territory or area.
|Title||Document Type||Document Date|
|Development of Prudential and Supervision Standards for Islamic Financial Markets||TA Completion Reports||Jun 2012|
|Development of Prudential and Supervision Standards for Islamic Financial Markets: Final Report||Consultants' Reports||Apr 2011|
|Development of Prudential and Supervision Standards for Islamic Financial Markets (Cofinanced by the Islamic Financial Services Board)||Technical Assistance Reports||Mar 2009|
Safeguard Documents See also: Safeguards
Safeguard documents provided at the time of project/facility approval may also be found in the list of linked documents provided with the Report and Recommendation of the President.
None currently available.
Evaluation Documents See also: Independent Evaluation
None currently available.
None currently available.
The Public Communications Policy (PCP) establishes the disclosure requirements for documents and information ADB produces or requires to be produced in its operations to facilitate stakeholder participation in ADB's decision-making. For more information, refer to the Safeguard Policy Statement, Operations Manual F1, and Operations Manual L3.
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