Tunisia: Parliament approves several articles of the new Banking Act
The Act seeks to protect the financial system against the effects of economic crises.Members of the Assembly of People's Representatives (ARP) adopted last Wednesday several articles of the draft law related to banks and financial institutions.
This law aims to stabilise the Tunisian economy and to protect depositors and the financial system as a whole against the effects of economic crises.
The Tunisian Parliament adopted in particular the fourth chapter, related to the withdrawal of authorisations and Article 40, related to the governance of banks and financial institutions, Tunis Afrique Presse reports.
Banks will be required to establish a system of good governance that ensures the interests of stakeholders, creditors and shareholders.
Furthermore, MEPs adopted Article 54 of the bill, which requires any bank who is authorised to practice Islamic finance to create a supervisory body that meets the criteria of Islamic finance.
This body will be responsible for examining the level of compliance of the bank or the financial institution with the principles and criteria of Islamic finance. The decisions of this body are binding for the bank and the financial institution.
In a statement, the Minister of Finance Slim Chaker said the law "will establish a new modern Tunisian banking system, especially because its development was based on the overall results of the Tunisian experience and the best of international experience in the banking industry ".