Accounting for Islamic Finance in the National Accounts of Uganda

Slides:

Advertisements

Similar presentations

Asia Pacific Tax Training (PwC)

Advertisements

17 April 2006 Phillip Thorpe Chairman and CEO, Qatar Financial Centre Regulatory Authority.

Reserve Bank Of India To regulate the issue of bank notes. To maintain reserves with a view to securing monetary stability. To operate the credit & currency.

Second Regional Conference on Prospects and Challenges facing the Modernization of the Legal Environment to enable Business and Investment in the MENA.

Business Case for the Pongola to Umzimkulu CMA D: WMI Governance.

Regulation and Supervision of Non-Interest Banks in Nigeria

ROLE OF SUPREME AUDIT INSTITUTIONS IN DEVELOPING PUBLIC FINANCIAL MANAGEMENT (PFM) Assoc. Prof. Dr. Recai AKYEL President of the Turkish Court of Accounts.

BASLE FRAMEWORK AND THE ISSUES OF REGULATION, SUPERVISION AND CORPORATE GOVERNANCE IN ISLAMIC BANKING DR. M. UMER CHAPRA RESEARCH ADVISER IRTI/IDB, JEDDAH.

Turkish-Arab Economic Forum Panel 6: Potential for Islamic Banking and “Sukuk” for Financing Major Projects in Turkey Hasan Genç Head of Enforcement Department.

IFSB-INCEIF EXECUTIVE FORUM Sound Governance Practices: Promoting Stability in Islamic Finance TOPIC Achieving the Right Balance Between Conformance and.

Rationale and Regulatory Basis of Microtakāful Market Development PRESENTED AT: Microtakāful Conference Indonesia Borobudur Hotel, Jakarta | 24 April 2014.

Legal and regulatory issues in Islamic finance Rodney Wilson UCD Sutherland School of Law, Dublin 14 th May 2015.

International Shariah Supervisory Board Mohamad Bakkar Managing Partner - Bakkar Advocates & Legal Consultants-Beirut PhD Candidate - Paris 2 University.

INTOSAI WORKING GROUP ON PUBLIC DEBT Kyiv Ukraine 7 – 8 October 2009 The Bulgarian Debt Management Office BNAO Svilena Simeonova.

Maher Hasan Deputy Governor Central Bank of Jordan JLGC-SME Conference 2014 Amman, Jordan November 24,25, 2014.

Islamic Banking in Italy: Regulatory issues Mohamad Bakkar 17 MARCH 2008 PALAZZO MEZZANOTTE – BORSA ITALIANA MILAN.

Implementation of National Electronic Single Window (eSW) – Grenada’s Experience Presented by: Lyndonna Hillaire-Marshall Grenada June 11-12, 2013 Peer.

3-1 Chapter 3 Central Bank. 3-2 Central Bank Definition:  “An institution which is charged with the responsibility of managing the expansion & contraction.

Presented by Professor: Salwa Elgharib General Secretary of Supreme Council of Egyptian Universities

AAOIFI Accounting Standards Beirut Islamic Financial Institutions Forum Beirut, Lebanon, 5 November 2010.

Supervision and regulation of banking system duty is given to a autonomous organization called Banking Regulation and Supervision Agency. BRSA is public.

Islamic finance Infrastructure Tariqullah Khan. Financial infrastructure comprises of the resources, support, protection, facilities and utilities that.

THE NEED FOR REGULATION OF SHARI’A ADVISORY IN ISLAMIC FINANCE ISSUES & CHALLENGES PROFESSOR HUMAYON DAR CHAIRMAN, EDBIZ CONSULTING.

Presentation on Islamic Banking and Finance “Sharia Supervision ” International Conference and Exhibition on Islamic Banking and Takaful Convention Center.

Relationship: PAC's, SAI's and Accountant General in Improving transparency and accountability process Contributions for discussion from Mozambique National.

Federal Reserve System. The Role of the Federal Reserve Provides financial services to the government Regulates financial institutions Maintains the payment.

Continuing Professional Development In Training and Certification of Internal Auditors in the Public Sector Marija Matek, Training Coordinator for Internal.

PRESENTATION BY NYEFOLO SEBOKA RRSF WORKSHOP, KIGALI, RWANDA.

Marie-Renée Bakker Lead Financial Sector Specialist World Bank Factoring Conference, Warsaw October 23-24, 2003 FACTORING AS A TOOL FOR SME DEVELOPMENT.

PROCUREMENT IN PRSCs – Case of Uganda March 24-28, 2008 Playing a Key Role in achieving the Development Results Playing a Key Role in achieving the Development.

Investment Planning and Implementation for Low Emissions Development LEDS Global Partnership Annual Workshop Punta Cana, Dominican Republic October 14-16,

PwC Regulators and Islamic Finance in the Middle East Fouad Alaeddin Middle East Managing Partner PricewaterhouseCoopers 2 March 2010.

KENYA NATIONAL BUREAU OF STATISTICS

Prepared for: Madam Kalimah binti Shahidan

Takaful in Pakistan Framework, Opportunities & Challenges Shoaib Soofi August 11, 2007 Lahore.

ISLAMIC RESEARCH AND TRAINING INSTITUTE The founders of the Islamic Development Bank (IDB) fully appreciated the role of research, training and information.

Warm UP 1.Explain Recession and Depression. 2.What caused the Great Depression.

M O N T E N E G R O Negotiating Team for the Accession of Montenegro to the European Union Working Group for Chapter 6 – Company Law Bilateral screening:

Checks and balances of integrated economic accounts for the euro area Richard Walton European Central Bank Berne, 6-8 June 2007.

Federal Reserve System (I) (ch7) -- Fin331 1 Federal Reserve System (I) Overview of Federal Reserve System (central banking) Structure of Federal Reserve.

Legal Framework for Credit Reference Bureaus: Some Highlights for MFIs By Lanjes Sinoya Microfinance and Capital Markets Supervision, At NBM Training Centre.

Global Financial Regulatory Framework Regulating International Capital Market Masters in Accountancy (MACC508)

Global Financial Regulatory Framework Regulating of Accounting, Auditing and Financial Reporting: Introduction Masters in Accountancy (MACC508)

British Malaysian Chamber of Commerce

Bangladesh Presentation on Trade Facilitation at South Asia Regional Forum on Trade Facilitation May,

Chapter 7. Corporate Governance for Islamic Financial Institutions

Mainstreaming – entrenching EITI reporting into government systems

Benson Sim United Nations Statistics Division

Workshop on Islamic Finance in the National Accounts Beirut, Lebanon

Afghanistan Islamic Banking Service

FINANCIAL STABILITY- NEW CHALLENGES FOR CENTRAL BANKS

State Bank of Pakistan.

Briefing by SEZ & ET to the Portfolio Committee on

Establishment of the Bank

Purpose and Structure Bank regulation and supervision unit is under the Deputy Governor’s Office. Purpose: Responsible for the execution of BoS’s financial.

Data sources and bridge table

Development of Islamic Social Finance Standards

UNECE/EFTA/Eurostat workshop

Cooperation system for providing

Banking Sector in Cambodia

United Nations Statistics Division

Governance Structure for 2008 SNA and Related EcoStat Implementation

Data sources and bridge table

Greater Essex County District School Board

United Nations Statistics Division

WORKSHOP ON ISLAMIC FINANCE IN THE NATIONAL ACCOUNTS

Proposed criteria for putting aid on budget

Presentation on Islamic Banking and Finance “Sharia Supervision ” International Conference and Exhibition on Islamic Banking and Takaful Convention.

ETHIOPIA: REGULATORY AND SUPERVISORY FRAMWORK FOR DEVELOPMENT BANK OF ETHIOPIA Getahun Nana A presentation in working session “Revitalizing National.

Audit of Contracting Arrangements of Public Services

Presentation transcript:

Accounting for Islamic Finance in the National Accounts of Uganda WORKSHOP ON ISLAMIC FINANCE IN THE NATIONAL ACCOUNTS BEIRUT, LEBANON 24-26 OCTOBER 2017 Accounting for Islamic Finance in the National Accounts of Uganda

Uganda Bureau of Statistics Outline The Regulatory Framework Current status of Islamic Financing in Uganda Islamic Financing in the National Accounts Challenges Uganda Bureau of Statistics

Uganda Bureau of Statistics Regulatory Framework Prior to 2016, the Financial sector in Uganda was governed by the Financial Institutions Act (2004). This regulatory framework did not permit financial institutions to engage in Islamic banking. Uganda Bureau of Statistics

Uganda Bureau of Statistics Regulatory Framework Bank of Uganda proposed amendments to the Financial Institutions Act, (2004), to permit the licensing of, and transacting by financial institutions in Islamic banking in Uganda. This led to the Financial Institutions (Amendment) Act, 2016. Uganda Bureau of Statistics

Regulatory Framework: Highlights An already licensed financial institution carrying on business, may apply to the Central Bank to carry out Islamic financing in addition to its existing licensed business. That business will be conducted through an “Islamic window”. Uganda Bureau of Statistics

Regulatory Framework: Highlights Every financial institution which conducts Islamic financial business shall appoint and maintain a Shari’ah Advisory Board. There shall be a Central Shari’ah Advisory Council in the Bank of Uganda to advise the Bank of Uganda on matters of regulations and supervision of Islamic banking systems in Uganda. Uganda Bureau of Statistics

Current Status of Islamic Financing Licensing of Islamic Financial Institutions by Central Bank to start before the end of 2017. Licensing was supposed to start at the end of 2016 but there was need to give time to the public to appreciate the benefits and risks in Islamic Banking. The regulations that will govern Islamic banking in the country have been submitted to the Ministry of Finance and are awaiting approval. Uganda Bureau of Statistics

Islamic Financing in the National Accounts Therefore Financial Service activities in the National Accounts are compiled only for Conventional banking. Uganda Bureau of Statistics