Islamic Finance in Africa: Legal, Regulatory and Enabling environment

Tuesday, June 20, 2017

The fundamentals of Islamic Banking and Finance and particularly the aspects of no-interest and profit and loss are such that the industry cannot fully be governed by the same regulations that govern conventional banking. In most jurisdictions today, the legal and regulatory framework of the Islamic financial industry has been formed in line with international standards and best practices while taking into account the distinct characteristics of the industry inspired by Islamic Law- Sharīah. The regulators in those countries have to produce general and specific rules and guidelines for the industry which are in line with the Islamic law framework, the domestic legal and regulatory framework, and international standards issued by international standard-setting bodies.

In conducting its business, Islamic finance has to address a number of challenges, including those matters relating to credibility, regulatory enforceability and uniformity. A legal, regulatory and enabling framework is expected to accommodate them in a proper and comprehensive perspective. Likewise, a proper Islamic law governance framework is expected to be included in the legal and regulatory framework in order to ensure that the entire operations of Islamic financial institutions are Islamic law compliant.

This session will adresse the topic through shedding light on the following topics:

  • What are the grounding principles of of Islamic Finance (Shariah)? * Islamic Laws (Shariah) Governance Framework.
  • According to the islamic laws, what are the value proposition that IF is expected to deliver?
  • Approaches to the implementation of Legal and Regulatory Framework for Islamic Finance ? (harmonization between the Islamic law principles and the existing legal framework).
  • Enabling Environment that accommodates and facilitates the development of the industry.

Webinar date and time: Tuesday, June 20th, 2017  1:00pm Europe Summer Time (Paris, GMT+02:00)