HONG KONG - CAPITAL MARKETS - BONDS: Hong Kong welcomes sukuk rules

www.ifrasia.com - Market participants have welcomed Hong Kong’s move to introduce new rules for Islamic as an important step towards the development of its own Islamic bond market

Hong Kong launched on March 29 a two-month consultation on legislative amendments designed to level the playing field between conventional and Islamic products.

“It is an important step forward in the right direction as it will establish an appropriate infrastructure for Islamic products in Hong Kong,” said Davide Barzelai, a partner at Norton Rose. “It will level the playing field between Islamic and conventional bonds.”  (source)

WORLD - IMF - Statement at the Conclusion of the 2011 Article IV Consultations Mission to Indonesia

Press Release No. 11/290
July 21, 2011 Mr. Milan Zavadjil, Senior Resident Representative of the International Monetary Fund (IMF) in Indonesia, released the following statement today in Jakarta:

“An IMF mission led by Mr. Thomas Rumbaugh, Division Chief in the Asia and Pacific Department, visited Jakarta during July 7-21, 2011 to conduct the 2011 Article IV Consultation discussions. The team exchanged views with the government on global economic developments and the Indonesian economic outlook. Based on these discussions, the team will prepare a staff report scheduled to be presented to the IMF's Executive Board in late September.¹ (full story)

REGULATIONS - BNMalaysia consults market on Shariah parameter for Istisna contracts

By MUSHTAK PARKER | ARAB NEWS

Published: Jan 3, 2011 00:42 Updated: Jan 3, 2011 00:42 

Bank Negara Malaysia (BNM), the central bank, last week published the draft of its latest Shariah consultation on Islamic financial products, the "Concept Paper of Shariah Parameter Reference 5: Istisna Contract (SPR5)". According to BNM, SPR5 is aimed at becoming the true source of reference on the nature and features of the Istisna contract for the Islamic financial services industry and to facilitate the consistent implementation of the contract in the Malaysian financial market.

REGULATIONS - Malaysia - Concept Paper of Shariah Parameter Reference 5: Istisna Contract (SPR5)

New guideline on Shariah Parameter Reference 5: Istisna' Contract has been posted on Bank Negara Malaysia's website. 

Feedback is expected by Jan 28, 2011.  The actual concept paper can be accessed under 5.i. Attachment 1.

We give here the outstanding, existing links :

Shariah

1. Shariah Parameter Reference 1 - Murabahah **updated 2009/09/03
   1. Related attachment: Shariah Parameter Reference 1: Murabahah Contract (Frequently Asked Questions) **updated 2009/09/01
2. Shariah Governance Framework for Islamic Financial Institutions ** updated 2010/10/26
3. Concept Paper on Shariah Parameter Reference 4: Musharakah Contract ** NEW 2010/06/15
   1. Attachment 1: Draft of Shariah Parameter Reference 4: Musharakah Contract
   2. Attachment 2: Feedback Form on Draft of Shariah Parameter Reference 4: Musharakah Contract (SPR4)
4. Schedule of Shariah Advisory Council Meetings for 2011 ** NEW 2010/12/28
5. Concept Paper on Shariah Parameter Reference 5: Istisna' Contract ** NEW 2010/12/28
   1. Attachment 1: Draft of Shariah Parameter Reference 5: Istisna' Contract
   2. Attachment 2: Feedback Form on Draft of Shariah Parameter Reference 5: Istisna' Contract (SPR5) 
    
   

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