BANKING - BASEL III - Islamic body IFSB to revamp capital rules

KUALA LUMPUR - REUTERS - The Islamic Financial Services Board, an association of regulators in Muslim countries, will revise its rules next year to enhance sharia banks' capital in line with Basel III reforms, its secretary-general said.

Rifaat Ahmed Abdel Karim said IFSB would seek its council's approval in December to begin work next year on amending the regulations, with the process expected to be completed around 2013.

CAPITAL MARKETS - Indonesia weighs tax on capital inflows

Indonesian men are reflected on an electronic stock market indicator board at a securities company in Jakarta in this file photo.
Picture: EPA-JAKARTA

REGULATONS - IFSB - CONSULTATION - The IFSB issues two Exposure Drafts for public consultation

Kuala Lumpur, November 4, 2010 - In its 22nd meeting held today in Kuala Lumpur, Malaysia, the Technical Committee of the Islamic Financial Services Board (IFSB) approved the issuance of the following two Exposure Drafts (EDs):

1. Guidance Note In Connection with the IFSB Capital Adequacy Standard: The Determination of Alpha in the Capital Adequacy Ratio
2. Guidance Note on the Recognition of Ratings by External Credit Assessment Institutions (ECAIs) on Takāful and ReTakāful Undertakings