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The SDN discusses the main policy issues and challenges in building an inclusive and safe Islamic finance industry, with emphasis on Islamic banking and Sukuk markets. To this end, it discuses why Islamic finance matters, taking into account its recent and prospective growth; and, its potential contributions in terms of financial inclusion, support for small- and medium-sized enterprises and investment in public infrastructure and, in principle, reduced systemic risk. It then covers a range of regulatory and other challenges, and offers policy advice, to address factors that hamper the development of the industry and, more generally, the delivery of its potential benefits. The paper covers regulatory and supervisory issues, safety nets and resolution frameworks, access to finance, Sukuk markets, and macroeconomic policies.

Islam --- Banks and banking --- Deposit insurance --- Financial risk management --- Crisis management --- Monetary policy --- Liquidity (Economics) --- Fiscal policy --- Finance --- Funding --- Funds --- Economics --- Currency question --- Tax policy --- Taxation --- Economic policy --- Finance, Public --- Assets, Frozen --- Frozen assets --- Monetary management --- Currency boards --- Money supply --- Crises --- Management of crises --- Management --- Problem solving --- Conflict management --- Risk management --- Bank deposit insurance --- Insurance, Deposit --- Savings insurance --- Insurance --- Agricultural banks --- Banking --- Banking industry --- Commercial banks --- Depository institutions --- Financial institutions --- Money --- Mohammedanism --- Muhammadanism --- Muslimism --- Mussulmanism --- Religions --- Muslims --- Religious aspects&delete& --- Islam&delete& --- State supervision --- Government policy --- Government guaranty of deposits --- InfraStructure --- Infra Structure --- Finance. --- E-books --- Religious aspects --- Banks and banking, Islamic --- Islamic banks and banking --- Non-interest banks, Islamic --- Banks and Banking --- Financial Risk Management --- Industries: Financial Services --- Islamic Banking and Finance --- Financial Markets and the Macroeconomy --- Monetary Policy --- General Financial Markets: Government Policy and Regulation --- Taxation and Subsidies: Other --- Economic Development: Financial Markets --- Saving and Capital Investment --- Corporate Finance and Governance --- Other Economic Systems: Public Economics --- Financial Economics --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financial Institutions and Services: Government Policy and Regulation --- Economic & financial crises & disasters --- Financial services law & regulation --- Islamic finance --- Islamic banking --- Financial services --- Financial crises --- Islamic banking supervision --- Financial regulation and supervision --- Islamic countries --- Financial services industry --- Malaysia

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This paper reviews tools used to identify and measure interconnectedness and raises the awareness of policymakers as to potential cross-sectional implications of prudential tools aimed at controlling interconnectedness. The paper examines two sets of tools—developed at the IMF and externally—to identify the implications of interconnectedness in systemic risk and how these tools have been applied in IMF surveillance. The paper then proposes a preliminary framework to analyze some key internationally-agreed-upon and national prudential tools and finds that while many prudential tools are effective in reducing interconnectedness, the interaction among these tools is far less clear cut.

Financial risk. --- Risk management. --- Insurance --- Management --- Business risk (Finance) --- Money risk (Finance) --- Risk --- Banks and Banking --- Finance: General --- Financial Institutions and Services: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Insurance Companies --- Actuarial Studies --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Financial Institutions and Services: Government Policy and Regulation --- Classification Methods --- Cluster Analysis --- Principal Components --- Factor Models --- Neural Networks and Related Topics --- General Financial Markets: Government Policy and Regulation --- Finance --- Banking --- Financial services law & regulation --- Economic & financial crises & disasters --- Financial contagion --- Systemic risk --- Liquidity requirements --- Bank resolution framework --- Financial sector policy and analysis --- Financial regulation and supervision --- Financial crises --- Countercyclical capital buffers --- Financial risk management --- Banks and banking --- State supervision --- Crisis management --- Asset requirements --- United States