Towards Developing a Template to Assess Islamic Financial Services Industry (IFSI) in the World Bank-IMF Financial Sector Assessment Program (FSAP)

2014 ◽  
pp. 174-240 ◽  
Keyword(s):  
World Bank ◽  
Financial Services ◽  
Financial Sector ◽  
Financial Services Industry ◽  
Assessment Program ◽  
The World Bank ◽  
The World ◽  
Services Industry

Mandatory Financial Stability Assessments Under the Financial Sector Assessment Program - Update

Policy Papers ◽  
2013 ◽  
Vol 2013 (94) ◽  
Author(s):  
Keyword(s):  
World Bank ◽  
Financial Stability ◽  
Emerging Market ◽  
Low Frequency ◽  
Financial Sector ◽  
Executive Board ◽  
Assessment Program ◽  
The World Bank ◽  
The World ◽  
The Stability

In September 2010, the Executive Board made financial stability assessments under the Financial Sector Assessment program (FSAP) a regular and mandatory part of bilateral surveillance under Article IV for jurisdictions with systemically important financial sectors. This decision recognized that although financial sector issues were at the core of the Fund’s surveillance mandate, the FSAP as designed in the late 1990s had severe limitations as a tool. Voluntary participation, the low frequency of assessments, and their very broad coverage (particularly in emerging market and developing countries, where assessments are typically conducted jointly with the World Bank) limited the usefulness of the FSAP for surveillance. Building on the revamp of the FSAP during the 2009 program review that delineated the institutional responsibilities of the Fund and the World Bank and defined the content of the stability assessment under the FSAP, the Executive Board took the next step in 2010 to make these stability assessments mandatory every five years for members with systemically important financial sectors

Review of the Financial Sector Assessment Program—Further Adaptation to the Post-Crisis Era

Policy Papers ◽  
2014 ◽  
Vol 2014 (66) ◽  
Author(s):  
Keyword(s):  
World Bank ◽  
Financial Stability ◽  
Emerging Market ◽  
Financial Sector ◽  
System Stability ◽  
Stability Assessment ◽  
Assessment Program ◽  
The World Bank ◽  
Emerging Market Countries ◽  
The World

The Financial Sector Assessment Program (FSAP), established in 1999, is an in-depth assessment of a country’s financial sector. It is an important element of the Fund’s surveillance and provides input to the Article IV consultations. In developing and emerging market countries, FSAP assessments are usually conducted jointly with the World Bank and include two components: a financial stability assessment (the main responsibility of the Fund) and a financial development assessment (the main responsibility of the World Bank). Each FSAP concludes with the preparation of a Financial System Stability Assessment (FSSA), which focuses on issues of relevance to IMF surveillance and is discussed by the IMF Executive Board normally together with the country’s Article IV staff report. Since the program’s inception, 144 member countries have requested and undergone FSAPs, most of them more than once. In recent years, the Fund has been conducting 14–16 FSAPs per year at an annual cost of US$13–15 million. The last review of the FSAP in 2009, in the aftermath of the global financial crisis, introduced a number of far-reaching reforms that have clarified the responsibilities of the Fund and the Bank in developing and emerging market countries, where assessments usually take place jointly, established institutional accountability, strengthened the analytical focus and coverage of FSAPs, and introduced the option of modular assessments that has afforded the Fund and national authorities greater flexibility on the scope and timing of assessments. In 2010, the financial stability assessment under the FSAP in 25 jurisdictions with financial sectors deemed by the Fund to be systemically important became a mandatory part of Article IV surveillance, expected to take place every five years. The list was expanded to 29 jurisdictions in 2013. For all other jurisdictions, FSAP participation continues to be voluntary.In 2010, the financial stability assessment under the FSAP in 25 jurisdictions with financial sectors deemed by the Fund to be systemically important became a mandatory part of Article IV surveillance, expected to take place every five years. The list was expanded to 29 jurisdictions in 2013. For all other jurisdictions, FSAP participation continues to be voluntary.

Guidance Note for Staff on Undertaking Targeted (Risk-Based) Reports on the Observance of Standards and Codes (ROSCs) in Financial Regulation and Supervision

Policy Papers ◽  
2010 ◽  
Vol 2010 (47) ◽  
Author(s):  
Keyword(s):  
World Bank ◽  
International Monetary Fund ◽  
Financial Regulation ◽  
Financial Sector ◽  
Assessment Program ◽  
Guidance Note ◽  
The World Bank ◽  
Regulation And Supervision ◽  
The World ◽  
The International Monetary Fund

In September 2009, the International Monetary Fund (IMF) and the World Bank (WB) Boards approved changes to the Financial Sector Assessment Program (FSAP) to (i) make it more flexible and better-aligned with country needs as well as IMF and WB financial sector priorities and core responsibilities; (ii) enhance the quality, candor, and comparability of assessments; and (iii) better-integrate FSAP analysis into the institutions’ evolving mandates.

The IMF, its mandate and influence in prevention of financial sector abuse

2016 ◽  
Vol 23 (4) ◽  
pp. 987-1011
Author(s):  
Norman Mugarura
Keyword(s):  
World Bank ◽  
Secondary Data ◽  
Financial Sector ◽  
Data Sources ◽  
Content Type ◽  
The World Bank ◽  
The World ◽  
Secondary Data Sources ◽  
Work Done ◽  
The Imf

Purpose The purpose of this paper is to articulate the mandate of the International Monetary Fund (IMF) not least in promoting a sound legal regulatory environment for markets to operate globally and its inherent challenges. While acknowledging the plausible work done by the IMF in supporting countries to achieve their macro-economic stability, the paper articulates some of its shortcomings as a global institution. It is evident that the post-war climate in which the World Bank and IMF were created has drastically changed – which presupposes that these institutions now need to reposition themselves to reflect on contemporary global challenges accordingly. The author has argued in the past that a robust regulatory system should be devised taking into account the dynamic challenges in the market environment but also to prevent them from happening again. Design/methodology/approach The paper has utilized empirical evidence to evaluate the mandate of the IMF in addressing its dynamic challenges such as the global financial and debt crises in Europe and the USA and prevention of financial sector abuse globally. The IMF is one of the Bretton Woods Institutions charged with the oversight responsibility to enforce policies and enable countries to manage their macro-economic challenges efficiently. Findings The findings demonstrate that the IMF is as relevant and important as it was when it was created in 1945. However, there is a need for intrinsic and structural changes within this institution to continue discharging its mandate in a changed global regulatory landscape. The IMF is still crucial in fostering a fundamental stabilization function to fragile global economies in areas of financial and technical assistance, and developing requisite legal and supervisory infrastructure within fledging member countries. Research limitations/implications The paper was written by analysis of both theoretical and empirical data largely based on secondary data sources. It would have been better to first present the findings in an international conference to solicit wide views and internalize them accordingly. Practical implications While acknowledging the plausible work done by the IMF and its counterpart the World Bank in facilitating global financial markets regulation and prevention of financial sector abuse, as oversight institutions, they need to constantly review their mandate to respond robustly to their dynamic challenges such as the global and debt crises and financial sector abuse. Oversight institutions need to constantly review and adapt their mandate accordingly, if they are to discharge their varied responsibilities efficiently. They cannot stand still in the face of challenges because they will be superseded and kept at a back foot. Social implications Markets and states are embedded in each other, and the way they are regulated is of a significant importance to varied stakeholders and people. Originality/value This paper is one of its kind, is unique in its character and evaluates embedded issues using empirical evidence in a way not done in its context before. Secondary data sources have been evaluated to achieve a thoughtful analysis of the objectives of the paper.

Global reduction in 'unbanked' numbers to gather pace

2015 ◽  
Keyword(s):  
World Bank ◽  
Financial Services ◽  
Positive Impact ◽  
Significant Progress ◽  
Financial Access ◽  
Content Type ◽  
The World Bank ◽  
Credit Creation ◽  
The World ◽  
Global Reduction

Subject Progress in the reduction of the number of unbanked people. Significance The World Bank has set an ambitious goal of universal financial access for everyone by 2020. The latest statistics show that many countries are making significant progress towards this goal. Some technological measures that increase access to financial services may increase transparency, stemming corruption and curtailing money laundering. However, by making it easier to spot corruption, these measures may boomerang, leading to the withdrawal of some institutions, particularly international ones, from problematic markets. Impacts Lack of access to financial services will remain a global problem that traps individuals in cycles of poverty. The World Bank encourages people to use bank accounts; having one in name only has little positive impact. Countries that mistake credit creation for improving financial access risk exacerbating financial and economic instability.

scholarly journals Pakistan

2020 ◽  
pp. 105-125
Author(s):  
Natalya Naqvi
Keyword(s):  
World Bank ◽  
Financial Services ◽  
Banking Sector ◽  
Basel Ii ◽  
International Standards ◽  
Basel Iii ◽  
The World Bank ◽  
The World ◽  
Over Time

Pakistan has the highest level of implementation among our case study countries. The impetus for converging on international standards has come from different actors over time. The adoption of Basel I adoption in the 1980s was driven by the World Bank and IMF. In the 1990s and early 2000s, the adoption of Basel II was driven first by politicians promoting the expansion of financial services, and then by banking sector regulators. Most recently, as banks have internationalized, they have championed the implementation of Basel III. Pakistan is one of the few cases where all three major actors—politicians, regulators, and major banks—are now aligned behind the implementation of the standards, leading to a high and ambitious level of implementation.

scholarly journals inklusi keuangan

2018 ◽  
Author(s):  
resista
Keyword(s):  
World Bank ◽  
Financial Services ◽  
Adult Population ◽  
Financial Inclusion ◽  
System Stability ◽  
Income Poverty ◽  
Equal Distribution ◽  
Financial Products ◽  
The World Bank ◽  
The World

Financial Inclusion is a national development strategy to encourage economic growth through equal distribution of income, poverty alleviation and financial system stability. This community-centered strategy needs to target groups experiencing barriers to accessing financial services. The inclusive financial strategy explicitly targets the groups with the greatest or unfulfilled needs for financial services namely the three categories of people (the poor, low-income, working poor / poor and the near-poor) and three cross-categories (migrant workers, women and underdeveloped regions).By 2019 Indonesia's target on the inclusive public financial index reaches 75%. Inclusive financial ratios have reached 63% of Indonesia's total population by the end of 2017. The government has established five pillars supporting SNKI to achieve the target. First, Financial Education. Second, the concrete Community Property Right has already been in the form of a land certification program. Third, Facilitating Intermediation and Financial Distribution Channels. Fourth, Consumer Protection. Fifth, Financial Services In Government Sector.To achieve an inclusive financial target of 75% by 2019, an additional 51,822,431 adult inclusive residents are required. From the survey results of the Faculty of Economics, University of Indonesia in 5 provinces, 35% of respondents do not have an account at the bank. As many as 32% of Indonesia's adult population has not saving on the basis of the World Bank Survey of Indonesia by the World Bank in 2012. Based on the same survey, 48% of Indonesian adult population save in formal financial institutions. According to World Bank (2011), Indonesian adult residents have accounts at formal financial institutions.The strategy of government, BI, and OJK, nowadays is by optimizing technology services to expand financial products and services to various community groups. An inclusive financial enhancement strategy will also involve civil service and civil registration agencies in various regions to update the data on people who do not have financial products and services. The access program for the financial sector is not only from savings, but also from credit, such as small business credit (KUR) or other small credit, especially digital technology or digitalization must be extended to 4G cellular technology. So for areas that can not signal, its range will be wider. If 4G can reach 50%, then this will help Indonesia's strategy to improve inclusive finance.The purpose of this study is to recommend a model of increasing public financial inclusion through digitizing financial inclusion. The research method is qualitative descriptive, through in depth interview with informant and systematic literature review.Based on the results of research, it is found that in the era of digital economy, the use of technology is one of the strategies that can be applied. Big Data Utilization in Private and Commercial Sector covers Finance field that is investment support, portfolio management, price forecasting, credit. In the field of Banking and Insurance namely credit and policy approval, money laundry detection. While in the field of Finance, Banking and Insurance Security is useful for fraud detection, access control, intrusion detection, virus detection.With digitalization, it is expected that more people can afford affordable financial services. More and more people who can access financial services will improve their lives and reduce poverty.

Business Reorganisation and Regional Development: The Case of the British Building Societies Movement

1991 ◽  
Vol 23 (12) ◽  
pp. 1759-1777 ◽  
Author(s):  
C J S Gentle ◽  
J N Marshall ◽  
M G Coombes
Keyword(s):  
Financial Services ◽  
Urban Areas ◽  
Service Sector ◽  
Financial Sector ◽  
Financial Services Industry ◽  
Building Society ◽  
Regulatory Changes ◽  
Services Industry ◽  
Building Societies ◽  
The Impact

In this paper the impact of corporate restructuring in the British building societies movement is examined as an example of the changing organisation of the financial services industry, a significant component of the service sector. It is argued that regulatory changes, which have broken down the segmented and compartmentalised nature of the financial sector, have provided the opportunity for large building societies to diversify into new markets, and this in turn has encouraged a round of innovation in the financial services industry. It is also suggested that as the building society movement has become more deeply integrated into the financial sector as a whole, this has promoted a drift in employment towards the south and east of the country and a shift back to larger urban areas in the provinces.

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