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Micro, small, and medium enterprises (MSMEs), are the drivers of Kyrgyz economic growth and key contributors to sustainable gross domestic product (GDP). Since the country achieved independence from the Soviet Union in 1991, MSMEs became one of the prime supports of the economy as the number of industrial enterprises declined. Most MSMEs are engaged in the trade and trade-related sectors. These generate significant employment opportunities for skilled and unskilled labor alike. Despite their importance to economic development, however, the growth of the country's MSMEs has been hindered by their limited access to banking services, along with high tax rates, and inconsistent policies. Thus, government support programs and assistance from multilateral agencies and policy makers are essential to MSME growth. The Bank Advisory Services of IFC's Financial Institutions Group provides advisory services to banks in aid of strengthening their capacity and increasing their outreach to the MSME sector. This is achieved through capacity building, training, knowledge sharing, and dissemination of best practices in MSME banking and risk management. IFC's primary goal is to increase the number of banks that offer banking services to MSMEs in a profitable and sustainable manner. The organization is globally recognized as a market leader in MSME banking, through its various regional engagements. IFC is also recognized for its global expertise and knowledge in this area. In response to growing market demand, IFC has recently enhanced its advisory services to include Islamic financing. In this respect, the National Bank of Kyrgyz Republic has also expressed an interest in exploring this segment of the market. Indeed, the NBKR is already looking at the possibility of putting regulations for Islamic banking in place. The study reveals a funding potential of USD 342.2 to 456.3 million for Islamic financing to MSMEs, with a corresponding depository potential of USD 402.6-536.9 million over the next few years. This funding potential exists due to the new-to-bank' funding opportunity within the un-served and underserved MSME segments. These are either partially served by financial institutions or do not borrow at all for various reasons. Findings include new-to-bank' funding potential of USD 309.6-412.9 million, which is untapped as banks and other financial institutions lack adequate the strategic focus needed on this segment to offer Shariah-compliant products.

Finance and Financial Sector Development --- Financial Regulation & Supervision --- Islamic Finance --- Microenterprises --- Private Sector Development --- Small and Medium Size Enterprises

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Morocco has made important progress in economic development and financial inclusion since the 2007 Financial Sector Assessment Program (FSAP). Sustained economic growth has contributed to reducing poverty and greater sharing of economic prosperity. The financial sector has emerged as one of the most developed and inclusive in the Middle East and North Africa (MENA) region. This technical note covers a large spectrum of financial inclusion topics in Morocco, mostly from the vantage point of banks, microcredit associations and finance companies. However, limits to the FSAP budget prevented extending the analysis to important policy initiatives or subjects, including low-income housing finance, rural finance, financing start-ups, promoting long-term saving, facilitating Small and Medium Enterprise (SME) listings, the role of the National Initiative for Human Development or tax incentives to formalize economic activity. The analysis relies on benchmarking Morocco to the averages of (i) Middle East and North Africa (MENA) countries and (ii) its income group as defined by the World Bank. In addition, Peru, South Africa and Turkey were selected as emerging market peers based on income level, financial depth and degree of financial inclusion in specific areas: Peru (microfinance), South Africa (low-income household access), and Turkey (SME finance).

Finance and Development --- Finance and Financial Sector Development --- Financial and Private Sector Development --- Financial Regulation & Supervision --- Housing Finance --- International Financial Standards and Systems --- Islamic Finance --- Remittances --- Secured Transactions

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The fundamental challenges confronting the Turkish financial system are to reduce dependence on external and foreign currency financing and to increase the maturity and diversity of funding instruments on which banks and firms depend. The long-standing shortfall of national savings to finance domestic investment, persistent elevated inflation, and bouts of exchange rate volatility have boosted reliance on foreign currency financing from international capital markets and have also incentivized households and firms to place their own savings in short term deposits, as well as in foreign currency. These deep-seated challenges underpin current heightened financial stability risks from several potential sources --"tighter or more volatile global funding conditions, weaker euro area growth, geo-political tensions and loss of market confidence in domestic policies. Balance-sheet fragilities could amplify their impact.

Anti-Money Laundering --- Capital Markets --- Finance and Development --- Finance and Financial Sector Development --- Financial and Private Sector Development --- Financial Regulation & Supervision --- Financial Structures --- International Financial Standards and Systems --- Islamic Finance --- Systemic Risk

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The money laundering (ML) and terrorist financing (TF) risks associated with conventional finance are generally well identified and understood by the relevant national authorities. There is, however, no common understanding of ML/TF risks associated with Islamic finance. Some are likely to be the same as in conventional finance, but there may also be different risks. This is notably due to: (i) the complexity of some Islamic finance products; and (ii) the nature of the relationship between the institutions and their clients. The limited capacity and experience in the supervision of Islamic finance, especially in jurisdictions that face higher ML/TF risk factors represents an additional vulnerability. The Financial Action Task Force (FATF) standards are implemented without any form of tailoring to the specificities of Islamic finance. The FATF, the Islamic finance standard-setters, and the national regulators should seek a greater understanding of the specific ML/TF risks that may arise in Islamic finance and develop an appropriate response.

Islamic Banking and Finance --- Criminology --- Other Economic Systems: Public Economics --- Financial Economics --- Illegal Behavior and the Enforcement of Law --- Finance --- Corporate crime --- white-collar crime --- Islamic finance --- Anti-money laundering and combating the financing of terrorism (AML/CFT) --- Financial services --- Crime --- Banks and banking --- Islamic countries --- Money laundering --- Iran, Islamic Republic of

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South Asia emerged as the fastest growing region in the world in 2015, posting GDP growth of 7 percent. Weak oil and commodity prices, slowing capital flows and shrinking global trade contributed towards a deceleration of growth in most of the world's economies. South Asia - as a net importer of oil - was an anomaly, growing significantly on the back of higher private consumption and public investment. Higher remittances and reserve buffers throughout the region offset the fall in exports caused by the drop in global demand. The region is set to maintain real GDP growth above 7 percent over the next few years. However, the tailwinds are now fading - capital flows have declined and remittances are starting to feel the reality of low oil prices. Pakistan, while not growing as quickly as its neighbors, has continued its steady growth recovery in H1FY16. Strong growth in consumption, rising foreign exchange reserves, fast-growing workers' remittances and a lower import bill compensated for a significant fall in exports. Low oil prices generated a significant boost, driving a 9.1 percent fall in the import bill and reducing inflation significantly, in turn creating scope to reduce the policy rate. Private sector consumption, propelled by higher remittances and a loosened monetary policy, is expected to account for over half of FY16 GDP growth.

Accounting --- Analysis of Economic Growth --- Auctions --- Banking Sector --- Bonds --- Capital Flows --- Commercial Banks --- Commodity Prices --- Debt --- Debt Management and Fiscal Sustainability --- Developing Countries --- Discount Rate --- Domestic Debt --- Economic Development --- Economic Growth --- Economic Management --- Economic Statistics, Modeling and Forecasting --- Equity --- Exchange Rates --- Expenditures --- Export Competitiveness --- Exporters --- Finance --- Financial Institutions --- Fiscal & Monetary Policy --- Fiscal Policy --- Foreign Direct Investment --- Global Economy --- Gross Domestic Product --- Inflation --- Infrastructure Investment --- Insurance --- Interest Rates --- International Financial Institutions --- Investment Climate --- Islamic Finance --- Loans --- Local Government --- Macroeconomic Management --- Macroeconomics and Economic Growth --- Monetary Policy --- Poverty --- Poverty Reduction --- Private Investment --- Pro-Poor Growth --- Public Debt --- Public Spending --- Remittances --- Savings Rate --- Securities --- Stock Exchanges --- Tariffs --- Tax Exemptions --- Taxes --- Trade Liberalization --- Urban Development --- Yield Curve