Regional: Development of Prudential and Supervision Standards for Islamic Financial Markets

Sovereign Project | 42520-012 Status: Closed
Project Name Development of Prudential and Supervision Standards for Islamic Financial Markets
Project Number 42520-012
Country Regional
Project Status Closed
Project Type / Modality of Assistance Technical Assistance
Source of Funding / Amount
TA 7246-REG: Development of Prudential and Supervision Standards for Islamic Financial Markets
Technical Assistance Special Fund US$ 425,000.00
Islamic Financial Services Board US$ 425,000.00
Strategic Agendas Inclusive economic growth
Regional integration
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.

Project Outcome

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
Implementation Progress
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.

Geographical Location

Summary of Environmental and Social Aspects

Environmental Aspects
Involuntary Resettlement
Indigenous Peoples
Stakeholder Communication, Participation, and Consultation
During Project Design
During Project Implementation

Business Opportunities

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 Staff

Responsible ADB Officer Mohd Ismail, Mohd Sani
Responsible ADB Department Southeast Asia Department
Responsible ADB Division Public Management, Financial Sector and Trade Division, SERD
Executing Agencies
Asian Development Bank
Junghoon Park
[email protected]
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

TA 7246-REG

Approval Signing Date Effectivity Date Closing
Original Revised Actual
05 Mar 2009 - 05 Mar 2009 28 Feb 2011 30 Jun 2011 -
Financing Plan/TA Utilization Cumulative Disbursements
ADB Cofinancing Counterpart Total Date Amount
Gov Beneficiaries Project Sponsor Others
425,000.00 425,000.00 0.00 0.00 0.00 0.00 850,000.00 05 Mar 2009 650,095.66

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Evaluation Documents See also: Independent Evaluation

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Related Publications

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