PROSPECTS FOR ISLAMIC MICROFINANCE UNDER THE EXISTING LEGAL AND REGULATORY FRAMEWORK IN LIBERIA

2021 ◽  
Vol 28 (2) ◽  
pp. 597-620
Author(s):  
Ibrahim Fofana
Keyword(s):  
Central Bank ◽  
Financial Institutions ◽  
Analytical Approach ◽  
Legal Framework ◽  
Regulatory Framework ◽  
Financial Regulations ◽  
Legislative Framework ◽  
Islamic Microfinance ◽  
Specific Regulation

There is no specific regulation or legislative framework for Islamic microfinance operations in Liberia. This is largely due to the non-application of Islamic laws in the country, despite the increasing economic strength of Muslims in the country. This article aims to examine whether the existing laws in Liberia permit the establishment and operation of Islamic microfinance. The research employed a qualitative analytical approach, which examines legal and regulatory framework for the microfinance sector in Liberia. The materials and data which include related laws were collected, and analysed inductively to suit the needs of the research. This article argues that, the existing laws including the Liberian constitution and other relevant financial regulations such as, the Central Bank of Liberia Act of 1999, the New Financial Institutions Act of 1999 and the Microfinance Policy and Regulatory & Supervisory Framework for Liberia (MPRSFL) have no objection to the introduction of Islamic microfinance in the country. This research is a first to appraise critically some relevant laws on the legal framework of microfinance in Liberia and its relevance to Islamic microfinance. The Financial Institutions Act of 1999 confers on the Central Bank of Liberia the powers to regulate and supervise all financial institutions in the country, including the microfinance providers. The article concludes that the stakeholders need to continue supporting the microfinance sector, including Islamic microfinance in Liberia by building an appropriate legal ecosystem that providing for a smooth running of microfinance programmes in the country.

Regulatory Developments in Peer-to-Peer (P2P) Lending to Combat Frauds

2021 ◽  
pp. 172-194
Author(s):  
Poshan Yu ◽  
Yingzi Hu ◽  
Maimoona Waseem ◽  
Abdul Rafay
Keyword(s):  
Case Report ◽  
Financial Institutions ◽  
Credit Market ◽  
Legal Framework ◽  
Regulatory Framework ◽  
Theoretical Contribution ◽  
Regulatory Changes ◽  
The Us ◽  
P2p Lending ◽  
The Uk

Internet lending is a unique form of the credit market for bypassing banks in which borrowers generate online microloans without leverage or intermediation from financial institutions. Unlike the UK and the US, the Chinese P2P lending market is broader. Although the regulations concerning P2P lending are more comprehensive since 2015, there remains some regulatory gaps and failures, thus identifying these remaining regulatory gaps can help perfect the regulatory framework. This chapter provides a more detailed analysis and an examination of the Chinese legal framework related to P2P lending and identifying the vacuums in the existing framework. The theoretical contribution is primarily to the implications of the latest development of regulatory changes and the established individual credit reference system in China. Furthermore, the chapter also discovered three new regulatory vacuums (i.e., platform exit, a case report of financial crime, and consumer education), thus concluding with detailed insights on future approach towards perfecting the regulatory framework.

Financial Regulation: Lessons from the Recent Financial Crises

2011 ◽  
Vol 49 (1) ◽  
pp. 120-128 ◽  
Author(s):  
Takeo Hoshi
Keyword(s):  
United States ◽  
Financial Institutions ◽  
Financial Crises ◽  
Financial Regulation ◽  
Financial System ◽  
The United States ◽  
Regulatory Framework ◽  
Policy Recommendations ◽  
Financial Regulations

The experiences of the financial crises in the United States recently and in Japan in the 1990s suggest two lessons for future financial regulations. First, the lack of an orderly resolution mechanism for large and complex financial institutions created serious problems. Second, it is important to distinguish between individual financial institutions' health and stability of the whole financial system. Policy recommendations in the Squam Lake Report address these issues well. The Dodd–Frank Act could provide an effective regulatory framework to implement these recommendations, but the success depends on the details of the regulations that have not been specified. (JEL E44, E52, G01, G21, G28, L51)

scholarly journals LEGAL REGULATION ON THE CREATION AND FUNCTIONING OF INNOVATION CLUSTERS IN UKRAINE

2020 ◽  
Author(s):  
Христина Іваницька
Keyword(s):  
Regional Development ◽  
Innovation System ◽  
Cost Effective ◽  
Legal Framework ◽  
Legal Regulation ◽  
Regulatory Framework ◽  
Legislative Framework ◽  
The Creation ◽  
Effective Development ◽  
Innovation Clusters

The article reviews the regulatory framework on the basis of which the creation and functioning of innovation clusters as an association of objects of innovative infrastructure of Ukraine.During the research, the author concludes that it is advisable to classify the regulatory regulation of the activity of innovation clusters in Ukraine into two categories: general and special. The general regulatory framework is aimed at creating elements of innovation clusters as legal entities; special aimed at regulating issues of innovation and intellectual property.At the same time, the basic principles of creation and functioning of the legal framework governing the issues of innovation clusters are highlighted: systematicity, accessibility and legality.In the article it is stated that legislative regulation, covering the issues of the functioning of the innovation clusters is incomplete and fragmented, which in turn impedes the full, strategic and cost-effective development of innovation clusters. Hence, the author advices to propose the legislator to regulate the investigated issue at the level of a separate legal act.Besides proper legislative framework, the author pays attention to the necessity of the attraction of budgetary and extra-budgetary funding, including facilitating the participation of clusters in competitions and events conducted by state and regional development institutes, state authorities and local self-government bodies. It is also obvious that there is a need of facilitating the promotion and sale of innovative products of cluster participants in the domestic and world markets; implementation of projects of cluster participants with involvement of state and regional development institutes.At the end of the research the author generates the basic directions of improvement of the policy of legal regulation of the cluster innovation system of Ukraine, proposes concrete measures in the direction of its improvement and modernization.

scholarly journals Regulatory framework for Islamic financial institutions: lesson learnt between Malaysia and Indonesia

2019 ◽  
Vol 2 (2) ◽  
pp. 79
Author(s):  
Fazlurrahman Syarif
Keyword(s):  
Central Bank ◽  
Financial Institutions ◽  
Financial System ◽  
Regulatory Framework ◽  
Dual System ◽  
Islamic Finance ◽  
Qualitative Model ◽  
Sharia Law ◽  
Islamic Financial Institutions ◽  
Laws And Policies

Islamic finance is a rapidly growing stream in the Halal economy. Islamic finance is a method of banking or financing activities that are based on the Sharia law and operated by sharing the risk or divide the profits of any investment as per the agreed terms. This study discusses the forms of a regulatory framework and on the organizations that are constituted for standardizing the regulations. The paper also analyses the regulatory framework for Islamic financial institutions in Malaysia and Indonesia. The type of research used is a descriptive qualitative model. We find that both countries maintain a dual system of the regulatory framework which considers the conventional and Islamic financial system. Hence, the central bank has full authority to enact required laws and policies and to regulate the Islamic financial institutions in Indonesia and Malaysia.  

scholarly journals An Analysis of the Single Legal System of the Use of Intellectual Property for the Needs of the Ministry of the Russian Federation for Affairs for Civil Defense, Emergencies and Elimination of Consequences of Natural Disasters and Management Thereof

2021 ◽  
Vol 1 ◽  
pp. 3-7
Author(s):  
Igor G. Tyutyunnik ◽  
◽  
Yuriy S. Bogachev ◽  
Keyword(s):  
Russian Federation ◽  
Technological Development ◽  
Legal Framework ◽  
Civil Defense ◽  
Regulatory Framework ◽  
Negative Consequences ◽  
Intellectual Activity ◽  
Emergency Situations ◽  
Legislative Framework ◽  
The Russian Federation

The article is devoted to improving the legal framework for the functioning of the system for using the results of intellectual activity of the EMERCOM of Russia. The current legislative framework does not formulate strategic goals for increasing the efficiency of the population protection system from destructive events, increasing the efficiency of the Ministry of Emergency Situations on the basis of breakthrough technical and technological re-equipment of its structural units based on the world-class domestic developments. In this regard, the President of the Russian Federation at the meeting of the Security Council on September 11, 2020. defined the task of improving the system for protecting the territory and population of the country from the risks of man-made accidents and emergencies. The statement of this task is due to the noticeably increased number of man-made accidents and emergencies, and the increased level of negative consequences. Thus, it is currently relevant to organize monitoring of the current regulatory framework governing the functioning of the EMERCOM of Russia. The analysis showed that the current regulatory framework does not provide a breakthrough scientific, methodological and technological development of the EMERCOM of Russia. The article presents proposals aimed at improving the functioning of the EMERCOM of Russia system.

Towards an effective legal and regulatory framework for Islamic financial transactions

2017 ◽  
Vol 59 (5) ◽  
pp. 652-672 ◽  
Author(s):  
Engku Rabiah Adawiah Engku Ali ◽  
Umar A. Oseni
Keyword(s):  
Central Bank ◽  
Financial Services ◽  
Value Added ◽  
Legal Framework ◽  
Regulatory Framework ◽  
Islamic Finance ◽  
Content Type ◽  
Leading Role ◽  
Legal Method ◽  
Financial Transactions

Purpose In propelling Malaysia to become a high value-added and high-income economy by 2020, the Central Bank of Malaysia has consistently emphasized the need for a new trajectory of transformation and growth which will leverage on a robust legal framework that for enhancing Islamic financial transactions. This paper aims to examine the latest major policy initiatives and legal reforms introduced to promote both local and cross-border transactions that seek to project Malaysia as a hub for Islamic financial transactions. Design/methodology/approach While adopting an analytical approach in analysing the relevant issues, the study relies on doctrinal legal method in highlighting major reforms introduced to enhance the legal and regulatory framework of Islamic finance. Findings The study finds that the importance of law reforms in strengthening the financial system cannot be overemphasized, particularly when it comes to the need for an end-to-end Sharīʿah compliance framework and consumer protection. Practical implications Other emerging jurisdictions aspiring to adopt Islamic finance products can learn from the Malaysia’s pioneering role in introducing an effective legal and regulatory framework. Originality/value Though there are a number of studies on Malaysia’s leading role in the law and regulation of Islamic finance, this study is one of the earliest attempts to explore the role of the Central Bank of Malaysia in enhancing the legal framework for Islamic financial transactions through the introduction of the Islamic Financial Services Act 2013 and other relevant policy regulations.

scholarly journals France

2019 ◽  
Vol 19 (328) ◽  
Author(s):  
Keyword(s):  
International Monetary Fund ◽  
Financial Institutions ◽  
Financial Sector ◽  
Detailed Examination ◽  
Legal Framework ◽  
Regulatory Framework ◽  
Assessment Methodology ◽  
Insurance Sector ◽  
Assessment Program ◽  
The International Monetary Fund

This pilot assessment of the implementation of the Key Attributes of Effective Resolution Regimes for Financial Institutions (KA)1 in the insurance sector in France has been completed as part of a Financial Sector Assessment Program (FSAP) undertaken by the International Monetary Fund (IMF) during 2018–19. It reflects the regulatory framework and arrangements in place as of the date of the completion of the assessment. The assessment of the effectiveness of the insurance resolution framework involves the review of the legal framework and detailed examination of the policies and practices of the resolution authority in relation to the KAs pursuant to the Key Attributes Assessment Methodology for the Insurance Sector (Methodology).2

The role of standardization as a key Tool of Quality Economics in the development of integration of the Eurasian Economic Union

2019 ◽  
pp. 14-19
Author(s):  
V. V. Okrepilov ◽  
A. G. Gridasov
Keyword(s):  
Economic Integration ◽  
Legal Framework ◽  
Regulatory Framework ◽  
International Standards ◽  
Member States ◽  
Scientific Methods ◽  
Goods And Services ◽  
Eurasian Economic Union ◽  
Economic Union

The presented study examines the experience of forming a regulatory framework for the integration of the Eurasian Economic Union (EAEU) member states through the example of standardization as one of the key tools of quality economics.Aim. The study analyzes the major solutions of the EAEU authorities and member countries aimed at increasing the role of standardization in the economic integration of the Union over five years of its existence.Tasks. The authors identify efficient methods for developing standardization for the integration of the EAEU states as well as the most problematic aspects in this field that need to be taken into account in the qualitative strengthening of the Union’s economy.Methods. This study uses general scientific methods of cognition to examine the activities of the EAEU authorities and member states aimed at creating a system for the economic integration of the Union during a period of its transition from separate national markets towards a single (common) market.Results. Over five years of operation in the field of stadardization, the Eurasian Economic Union has created the necessary organizational and legal framework to ensure the successful development of integration processes. The national legislation on standardization has been modernized with allowance for the harmonization of these laws. In the next five-six years, the development of international standards for 40 technical regulations is expected to be completed, which would create a regulatory framework for unhindered interaction between all participants of the single (common) EAEU market. Conclusions. The analysis of activities in the field of standardization reveals a sufficiently thought-out and coordinated policy of the EAEU states in creating the necessary conditions for overcoming legal and administrative barriers in the movement of goods and services within the common economic space of the EAEU.

scholarly journals A Review of the Recent Developments of Green Banking in Bangladesh

2021 ◽  
Vol 13 (4) ◽  
pp. 1904
Author(s):  
Fatema Khairunnessa ◽  
Diego A. Vazquez-Brust ◽  
Natalia Yakovleva
Keyword(s):  
Central Bank ◽  
Financial Institutions ◽  
Financial Regulation ◽  
Economic Transition ◽  
Secondary Data ◽  
Developed Countries ◽  
Annual Reports ◽  
Infrastructure Development ◽  
Recent Developments ◽  
The Developed Countries

This paper aims to explore the emergence of ‘Green Banking’ in Bangladesh, with a focus on the role of financial regulation and regulators in greening the financial sector. It also examines the contribution and involvement of banks and non-bank financial institutions in promoting green economic transition. The study is based on the review of secondary data collected from various sources, such as quarterly reports, annual reports, websites of the central bank of Bangladesh, and other commercial banks and non-bank financial institutions as well as various articles, and newspapers reports on green banking in Bangladesh. The collected data is reviewed using descriptive statistics. The research results reveal that the central bank of Bangladesh played a major role in greening the financial system of the country by implementing various green policies and regulatory measures. Although Bangladesh is still far behind the developed countries in terms of environmental performance, the country has made a remarkable progress in initiating and expanding green banking practices, infrastructure development, and accelerating green growth in recent years.

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