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Press Release: The IMF Launches Consultations with its External Advisory Group on Islamic Finance

Press Release No. 14/468 October 11, 2014

The Interdepartmental Working Group on Islamic Finance (IDWGIF) of the International Monetary Fund (IMF) held its first meeting with its External Advisory Group (EAG) on October 9, 2014, in Washington, D.C. to discuss key policy issues in Islamic Finance and development of sukuk market.

The meeting discussions covered several issues including the value proposition of Islamic finance; the level-playing field between Islamic and conventional finance; impediments to growth in profit-and-loss sharing financing; and the potential of the industry in fostering access to finance, notably for small- and medium-sized enterprises. In addition, participants discussed more specific topics such as the appropriate regulatory and supervisory framework to preserve financial stability, how to adapt and implement Basel III requirements on capital and liquidity, strengthen risk management tools, and enhance Sharī`ah and corporate governance. Participants also discussed development of sukuk market and its potential in financing investment, liquidity management infrastructure and central banking operations.

The EAG was established by the IMF during the summer of 2014 to help identify policy challenges facing the Islamic finance industry, provide guidance, and facilitate coordination with specialized and regional institutions, notably in terms of knowledge-sharing, capacity development and outreach. It is comprised of heads of standard-setting and liquidity management bodies (including the Islamic Financial Services Board, the Accounting and Auditing Organization for Islamic Financial Institutions, the International Islamic Financial Market, and the International Islamic Liquidity Management Corporation), the heads of the Islamic Research and Training Institute and the Vice-Presidency Finance of the Islamic Development Bank, the Secretary General of the General Council for Islamic Banks and Financial Institutions, as well as a few leading international experts.

The EAG will support the IMF efforts to meet the increased demand of its membership for policy advice and capacity building during this very important period of rapid growth of the Islamic Finance and strong interest of members in developing a sound Islamic finance industry. In particular, the EAG will support the work of the recently established Interdepartmental Working Group on Islamic Finance, which immediate objectives are to develop a staff view on the Islamic finance that will be published as a Staff Discussion Note before end 2014, and to organize a high-level conference during 2015.

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