Basel III challenging to implement in Islamic countries – Kuwait’s Al-Hashel
Discretion could create opportunities for regulatory arbitrage
Central Bank of Kuwait governor Mohammad Al-Hashel has warned divergent approaches to implementing Basel III in Islamic banking systems may create opportunities for regulatory arbitrage.
Speaking at a meeting of regulators, including the Basel Committee on Banking Supervision, on December 7, Al-Hashel said discretions built into Basel III for jurisdictions applying it to Islamic banks were "well-intended", but are "bound to create differences across countries".
"We may witness diverging
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