PROJECTS

Assistance to the Central Bank of Suriname (CBvS) in Improving the Legal and Regulatory Environment for Islamic Banking and Finance’– Client: Central Bank van Suriname (CBvS) 

The focus of the project relates to reviewing the existing legal and regulatory frameworks for banking and financial markets in Suriname (the Bank Act, Banking and Credit System Supervision Act, Capital Market Act, Insurance Supervision Act, Pension and Provident Fund Act and Tax Laws) and proposing a legal and regulatory framework for Islamic financial markets.

The assignment required to suggest amendments in various banking and financial market laws having implications for introduction of Islamic financial system in the country. In addition, the project required the conduct of impact study to help address the consequences for prudential monetary policy and monetary statistics. The staff of CBvS was provided capacity building through workshop relating to the new regulatory framework and supervision mechanism and implementation support for the initial period.