The Core Principles for Islamic Finance Regulations and Assessment Methodology
Source details
- Canonical URL
- The Core Principles for Islamic Finance Regulations and Assessment Methodology
Other formats
Bibliographic details
- Published: May 24, 2018
Proposal summary
- The paper proposes incorporating the Core Principles for Islamic Finance Regulation (Banking Sector) (CPIFR) issued by the Islamic Financial Services Board (IFSB) into the standards used to assess banking regulatory and supervisory regimes under the Financial Sector Assessment Program (FSAP) and the Reports on Observance of Standards and Codes (ROSCs).
- The Fund staff is seeking the endorsement of the Executive Board on this proposal.
Rationale and structure of the CPIFR
- The CPIFR largely reflects the order of the Basel Core Principles on Effective Banking Supervision (BCP).
- The CPIFR includes five additional principles that are specific to Islamic banking operations.
Scope and application for member jurisdictions
- For countries with a systemically significant Islamic banking sector:
- Fully Islamic banking systems: assessment of the banking regulation and supervision regime would be against the CPIFR.
- Dual banking systems: assessment would be against the BCP and the five additional core principles under the CPIFR.
Implementation implications for assessments
- The CPIFR would be used as part of the standards framework in FSAPs and ROSCs for relevant jurisdictions.
- The proposal implies adjustments to existing assessment methodologies to incorporate the five Islamic-banking-specific principles alongside the BCP where appropriate.
Related publication and access notes
- Publication date: May 24, 2018.
- The IMF eLibrary offers over 25,000 IMF publications in multiple formats.
- Citation access date recorded as 9/13/2026.
Source: The Core Principles for Islamic Finance Regulations and Assessment Methodology — https://www.imf.org/en/publications/policy-papers/issues/2018/05/24/pp040618the-core-principles-for-islamic-finance-regulations-and-assessment-methodology
Content in this bundle
- Policy Paper