Regional: Implementing Prudential Standards in Islamic Finance

Sovereign Project | 46061-001

Project Details

  • Project Officer
    Mohd Ismail, Mohd Sani
    Southeast Asia Department
    Request for information
  • Country/Economy
  • Modality
    • Technical Assistance
  • Sector
    • Finance
Project Name Implementing Prudential Standards in Islamic Finance
Project Number 46061-001
Country / Economy Regional
Project Status Closed
Project Type / Modality of Assistance Technical Assistance
Source of Funding / Amount
TA 8214-REG: Implementing Prudential Standards in Islamic Finance
Financial Sector Development Partnership Fund US$ 500,000.00
Republic of Korea e-Asia and Knowledge Partnership Fund US$ 250,000.00
Strategic Agendas Inclusive economic growth
Regional integration
Drivers of Change Governance and capacity development
Sector / Subsector

Finance / Banking systems and nonbank financial institutions - Finance sector development - Money and capital markets

Gender Equity and Mainstreaming
Project Rationale and Linkage to Country/Regional Strategy
Impact Continued growth of Islamic finance in a stable manner which contributes to access to finance in DMCs
Project Outcome
Description of Outcome Prudential standards developed by IFSB and implemented by DMCs
Progress Toward Outcome
Implementation Progress
Description of Project Outputs

1. e-module platform for dissemination of standards and guidelines developed

2 framework for implementation of IFSB standards including peer review system developed

3. Guidelines for Islamic capital market development developed

4. Phase 2 of the PSIFI project completed

5. Concluding seminar held and book on Islamic finance based on findings of TA published

Status of Implementation Progress (Outputs, Activities, and Issues)

1) Contract with the firm (Intuition Publishing Ltd) was finalized in Feb 2015. Two of the four milestones have been completed. The recent one was the completion of the first five e-Module Storyboards and the e-Module Branded template

2) working group on core principles have been set up and reverse linkage study ongoing

3) Allocation for this component has been reallocated to other priority areas

4) Phase 2 of PSIFI is making good progress with active participation from DMCs

5) Seminar held in 2013 and the publication was launched during the 2015 ADB Annual Meeting at Baku, Azerbaijan. It was launched by Vice-President Operations Group 2 during one of the side events of the ADB Annual Meeting.

Geographical Location Regional
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 The TA will be implemented over 24 months, from November 2012 to November 2014. It will require 29 person-months of international consulting services, consisting of (i) a finance sector and statistical expert (5 person-months,) to review and complete the PSIFI project; (ii) a capital market and money market expert (4 person-months); (iii) an Islamic finance supervision and training expert (6 person-months); and (iv) a finance sector and prudential standards expert (6 person-months) to help the IFSB develop new standards and assist DMCs in implementation, including preparation of the implementation framework. These experts will be engaged as individuals. A firm (8 person-months) will be engaged for the e-module component. All consultants will be hired according to ADB's Guidelines on the Use of Consultants (2010, as amended from time to time).
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
6 ADB Avenue,
Mandaluyong City 1550, Philippines
Concept Clearance 16 May 2012
Fact Finding 28 May 2012 to 28 May 2013
Approval 13 Nov 2012
Last Review Mission -
Last PDS Update 25 Sep 2015

TA 8214-REG

Approval Signing Date Effectivity Date Closing
Original Revised Actual
13 Nov 2012 - 13 Nov 2012 30 Nov 2014 30 Nov 2015 18 Feb 2016
Financing Plan/TA Utilization Cumulative Disbursements
ADB Cofinancing Counterpart Total Date Amount
Gov Beneficiaries Project Sponsor Others
0.00 750,000.00 0.00 0.00 0.00 0.00 750,000.00 17 Jun 2022 584,822.93

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Evaluation Documents See also: Independent Evaluation

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Related Publications

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No tenders for this project were found.

Contracts Awarded

Contract Title Approval Number Contract Date Contractor | Address Executing Agency Total Contract Amount (US$) Contract Amount Financed by ADB (US$)
Policy and Advisory Technical Assistance 8214 17 Feb 2015 Intuition Publishing Ltd. (Irish Republic) | IFSC House, Custom House Quay Dublin 1 Dublin, Ireland Asian Development Bank 238,160.00

Procurement Plan

None currently available.