Where it is difficult for market analysts and other outside observers to determine if, for example, Basel III capital rules are being vigorously implemented and enforced, the international standard setters must themselves develop appropriate monitoring mechanisms. These mechanisms must go beyond examining whether international standards have been duly incorporated into domestic law to consider whether financial institutions are complying with those standards.
Rasheed Mohammed Al Maraj: Regulatory perspectives – strengthening industry foundations to sustain growth in a challenging climate Keynote address by His Excellency Rasheed Mohammed Al Maraj, Governor of the Central Bank of Bahrain, at the 17th World Islamic Banking Conference, Manama, 23 November 2010.