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Financial Sector

IMF to add Islamic finance to market surveillance in 2019

The International Monetary Fund (IMF)  will incorporate Islamic finance into its financial sector assessments of select countries starting next year, aiming to improve regulation in the growing sector. The IMF has traditionally focused on conventional banking, but it has been increasingly engaging with regulators in countries where Islamic finance is now deemed to be systemically important. Under a proposal by the IMF’s executive board, guidance issued by the Malaysia-based Islamic Financial Services Board (IFSB) would…

China to widen foreign access to financial sector

SHANGHAI: China on Friday said it will further open the country's financial markets to foreign firms, a key demand from the United States and Europe which have long complained about the strict limits on access to the giant economy. The announcement came after Donald Trump's state visit to Beijing during which the US leader called for a more level playing field for American companies and measures to reduce a massive trade imbalance. China's vice finance minister Zhu Guangyao said foreign firms will be allowed to own as…