Latest news with #GuidanceNote
Biz Bahrain
01-05-2025
- Business
- Biz Bahrain
CIBAFI Submits Technical Recommendations on IFSB's Takaful Recovery and Resolution Framework
The General Council for Islamic Banks and Financial Institutions (CIBAFI) submitted its comments to the Islamic Financial Services Board (IFSB) on the Exposure Draft (ED) (GN-10) on the 'Guidance Note on Recovery and Resolution for Takaful Undertakings'. Drawing upon expert insights from its diverse membership spanning more than 30 jurisdictions, CIBAFI's technical review identifies several areas for enhancement in the proposed regulatory framework. Key recommendations include: • Expanding the guidance to explicitly address retakaful undertakings, recognizing their potential systemic significance within the Islamic financial ecosystem • Strengthening the principle of independent recovery by removing references to potential public sector support during takaful recovery processes • Enhancing clarity on Point of Non-Viability (PONV) indicators specific to Participants' Risk Funds through additional qualitative and quantitative criteria • Aligning terminology with existing IFSB takaful standards, particularly regarding capital structure references • Providing more detailed guidance on loss allocation principles across segregated takaful fund structures in bail-in scenarios • Clarifying resolution authority procedures for outstanding qard treatment to ensure fair distribution of assets during resolution 'These recommendations reflect CIBAFI's ongoing commitment to supporting the development of robust regulatory frameworks that enhance stability while preserving the unique characteristics of Islamic financial institutions. The proposed enhancements aim to promote greater consistency, transparency, and Shariah compliance in takaful recovery and resolution mechanisms across jurisdictions.', said CIBAFI in its statement. The complete detailed comments submitted to IFSB are available on CIBAFI's website: CIBAFI continues to support the Islamic Financial Services Industry through advocacy, global representation, and various initiatives, including specialised publications and comprehensive professional development programmes.
South Wales Argus
29-04-2025
- Business
- South Wales Argus
Former Newport library could be transformed into grocery
The old Pill Library, on Commercial Road, Newport, has been vacant since August 2024. Now, a planning application has been approved to transform it back into a retail unit, specifically a grocery shop with a butchery. The application was submitted and has so far received no public objections. The shop will offer a range of daily goods including bread, milk, and soft drinks, with proposed opening hours from 8am to 9pm Monday to Saturday, and 9am to 9pm on Sundays and Bank Holidays. The ground floor of the building, which dates back to the 1890s, was originally a retail unit before it became a library in 2008. The upper floors, which are not part of this application, have been converted into apartments since 2000. The building, which is adjacent to a public car park, is not listed and is not in a conservation area. The transformation involves some internal refurbishments, including the installation of shelving, flooring, fridges, and freezers for the new retail use. Photos of the ongoing fit-out work were provided in the planning documents. As part of the green infrastructure statement, minimal biodiversity measures are included due to spatial constraints. These measures focus on enhancing bat and bird habitats by installing bat and bird boxes on the rear elevation of the building. The boxes will be placed between 2 and 4 metres high for birds, and more than 3 metres high for bats. The lighting scheme will also follow recommendations from the Bat Conservation Trust Guidance Note 08/18, ensuring the use of bat-friendly external lighting. It is anticipated that there will be no highway safety concerns due to the library's location within a retail zone with short-stay parking and a nearby pedestrian crossing. The transformation of the old library is expected to double the total full-time employment from one to two. The application was submitted on April 4, 2025, and is currently undergoing consultation until May 15. The site, with an area of 78 square metres, will remain connected to the mains sewer for foul sewage, and surface water will be disposed of via the existing watercourse. The planning documents noted that there are no trees, hedges, or flood risks identified on the site. Similarly, no designated or protected species or habitats were identified on or near the site. The planning documents did not detail waste arrangements. The building is close to various amenities and public transport links, making it a convenient location for shoppers. The new grocery shop is expected to provide a useful service to the local community, offering a range of daily necessities. The informal consultation with neighbours reportedly showed support for the new shop, with no formal objections noted at this stage. With the approval of this planning application, the old Pill Library will soon be bustling once more, this time with shoppers instead of readers. The transformation of this historic building marks a new chapter in its long history of serving the Newport community.
