Islamic finance: quarterly update

The first quarter of 2016 saw concept papers on Qard and Hibah issued by Bank Negara Malaysia. The Islamic Financial Services Board (IFSB) has provided a further update on the financial soundness and growth of Islamic banking systems. The International Monetary Fund (IMF) has published a working paper on Monetary Policy in the Presence of Islamic Banking. Concept papers on Qard and Hibah In January, Bank Negara Malaysia (BNM) issued a concept paper on Qard. The concept paper is divided between the sharia and operational requirements in relation to the operationalisation of Qard contract.