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AN ETHICAL BRIDGE BUILT ON SHARED VALUES BETWEEN ISLAMIC FINANCE AND ESG

Author(s): Sava Hristov Dimov / Language(s): English Publication Year: 0

The article discusses the shared values between Islamic finance and the concept of environmental, social and corporate governance. The ESG framework underpins flexible, sustainable and responsible investing. In that regard, some contemporary views on reconciling Sharia with sustainable investing are considered. The author utilizes materials from CFA Institute, World Bank Group, PricewaterhouseCoopers, Deloitte & Touche and new research by Islamic scholars to prove their point. Sectors of the Islamic finance industry show more sustainable rates of development. The author has reason to assume that the presumed projections (2030-2050) of Islamic finance will confirm such a tendency. Islamic finance is therefore more adaptive and demonstrates flexible resilience to ESG investing, good environmental, social and governance outcomes.

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Прилагането на ЕSG изискванията на европейските регулации в банките в България: основни проблеми

Author(s): Virzhiniya Zhelyazkova,Sneji Slavova / Language(s): Bulgarian Publication Year: 0

In recent years, there has been a rapid growth in the number of European Union regulations in the field of the implementation of environmental, social and governance (ESG) policies by banks. The rapid pace of their introduction is due to the EU’s aspIn recent years, there has been a rapid growth in the number of European Union regulations in the field of the implementation of environmental, social and governance (ESG) policies by banks. The rapid pace of their introduction is due to the EU’s aspiration to play the role of a leader in sustainable development policy globally. However, this ambitious goal poses a number of practical problems for banks in Bulgaria as well, and in this report the authors seek to outline the main ones, guided by the understanding that knowing the problems is the first step towards solving them.

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Предизвикателствата пред управлението на ликвидността на съвременната банка

Author(s): Darina Koleva / Language(s): Bulgarian Publication Year: 0

A stable and well-managed banking system is a key factor for the sustainable economic development of any country. Traditionally, the banks’ stability is associated with their solvency, but effective liquidity management is what determines which bank will remain in the business and for how long. This study outlines the classic challenges to liquidity risk management in the banking system and tracks the evolution in the approaches and strategies used. The new challenges for the banks generated by the dynamic development of monetary relations on a global scale are also explored. Their resolution is likely to lead to industry restructuring, changes in the business models followed and the services provided.

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Ролята на преките чуждестранни инвестиции за ускоряване на икономическото развитие на България

Author(s): Mehmed Rasim / Language(s): Bulgarian Publication Year: 0

One of the biggest challenges in developing countries is the lack of accumulated capital that should provide the necessary investments for economic growth. Developing countries are increasingly implementing FDI-oriented policies to improve their international competitiveness and secure capital for economic development.

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Зеленият (ESG) маркетинг, необходимост от трансформации на търговските банки

Author(s): Vania Krusteva / Language(s): Bulgarian Publication Year: 0

Climate change has posed new challenges for central banks, regulators and supervisors. As a result, environmental, social and governance standards are becoming increasingly key to the reputation of banks. In the growing environment of challenges facing commercial banks – digitalisation, new competitors, variable interest rates, regulation and more – it is unacceptable to downplay environmental, social and governance (ESG) issues when it comes to the need for largescale transformation. Until recently, ESG departments existed as divisions that were not deeply connected to the bank's overall strategy, customer and product offerings, or incentive schemes. The reasons for embedding ESG standards and practices in all functions stem from a broader transformation project and to involve everyone from the senior executives (C-suite) to the local bank branch. ESG is a central driver for the radical, end-to-end transformation required of European banks and an important key challenge they need to address alongside credit, costs, consolidation and technology. ESG is positioned as the new litmus of good banking practice based on three converging trends. The first is climate change and the need to finance the decarbonisation of economic activities, which promises to open up new areas of activity for banks. The second is reputational, where banks and businesses that fail to meet their ESG commitments risk being accused of greenwashing. The third is regulation that will require banks to measure and disclose ESG risks in their loan portfolios and other banking activities, as well as the impact of their activities across a wider range of environmental, social and governance considerations. As a consequence of these reasons, ESG standards are expected to be crucial for the reputation of banks. In the coming years, banks that have a lead in this process will be more competitive and will gain reputational advantages over their competitors. Green (ESG) marketing and digital transformation are two important trends in the commercial banking sector that reflect the growing emphasis on sustainability, environmental responsibility and the adoption of digital technologies. Let's explore how these two aspects intersect: This article presents the reasons, nature, benefits and possible downsides of the impact of green marketing on financial institutions, as well as the importance of the digital transition and ESG standards for the well-being of the economy's foundational sector.

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Инфлацията е по-твърда от Централните Банки

Author(s): Myuzeyam Shyukryu / Language(s): Bulgarian Publication Year: 0

Are we aware of how much the rate of fluctuation in the world economy has changed compared to the previous century? While countries that appear to be powerful countries and superpowers in the world (such as USA, Japan, EU countries) are rapidly moving towards crisis and stagnation, on the other hand, countries in the category of “developing countries” (Brazil, India, Russia, South Korea ), which have been ignored until now, are experiencing growth and these same countries have begun to come to the fore by rapidly increasing their development potential. They began to have a say in the world arena and become an effective force.

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Banking Products and Bank Risk Management of the World Bank

Author(s): Valeri Konicheva / Language(s): English Publication Year: 0

This paper provides a comprehensive overview of the World Bank Group, which comprises the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), International Finance Corporation (IFC), Multilateral Investment Guarantee Agency (MIGA), and the International Centre for Settlement of Investment Disputes (ICSID). It includes details on the group's structure, locations, and a brief history. The World Bank offers a diverse range of financial products, including loans, risk management services, credit enhancement, disaster risk management insurance, contingent financing, and advisory services. The bank is exposed to several types of risks, including operational, and corporate risks, and financial risks. The bank is also exposed to risky events such as fraud, noncompliance, and losses. The World Bank Treasury manages the bank's activities and is responsible for Treasury Risk, Compliance, and Controls (TRERC). The World Bank is focusing on promoting sustainable development by addressing the root causes of poverty and inequality, such as lack of access to education, healthcare, and economic opportunities. By addressing these underlying factors, the bank aims to promote long-term resilience to risks and create sustainable and inclusive growth.

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Navigating the Digital Frontier: Banking Innovation, Sustainable Finance, and ESG Investing in Bulgaria

Author(s): Margarita Gyurova / Language(s): English Publication Year: 0

The world we live in is rapidly evolving and the financial landscape is changing as a result of that. The aim of this project paper is to explore the dynamic interaction between banking innovation, digital transformation, and sustainable finance within Bulgaria’s financial sector. It also analyzes the digitalization of the Bulgarian banking sector, the rapidly-developing role of technologies, as well as the introduction of AI in banking. The influence of business intelligence (BI) is examined, as well as the trends related to the blockchain technologies, newly developed banking operations, customer experience and their effect on the financial sector. The second part of the project presents the successful approaches associated with sustainable finance, highlighting the significance of integrating Environmental, Social and Governance (ESG) regulations into investment strategies made by the banking institutions all over the country within this framework.

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Debt discharge for insolvent Czech entrepreneurs under the EU Directive 2019/1023

Author(s): David Machač / Language(s): English Publication Year: 0

The Directive (EU) 2019/1023 requires Member States to ensure that insolvent entrepreneurs have access to at least one procedure that can lead to a full discharge of debts in a period no longer than three years. The deadline for transposition of the Directive 2019/1023 expired on 17 July 2021. The payment schedule according to the Czech Insolvency Act generally lasts five years. It is shortened to three years for some vulnerable groups of debtors, such as disabled or elderly people, and also for those who repaid 60% of debts within the first three years. This paper shall examine the consequences of not meeting the deadline for transposition, and whether Directive 2019/1023 could have a direct effect, based on the judgments of the Court of Justice of the EU (CJEU). The approach taken by the government’s proposal for an amendment to the Insolvency Act which is currently pending in the legislative process shall also be addressed in this paper.

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Selected aspects of the transposition of the new EU regulatory framework for credit purchasers into the Czech law

Author(s): Martin Mikulka / Language(s): English Publication Year: 0

Following the relatively comprehensive regulatory framework of the prudential regulation after the financial crisis and the banking crisis that hit the European Union in the past, the EU legislation has in recent years become more specific in setting rules in sub-fields such as non-performing loans. In particular, regulatory efforts have been being driven by the aim of developing the secondary market for non-performing loans on the one hand and harmonising the rules for the participants in that market and for trading on it on the other. One of the cornerstones of such regulation is the Directive (EU) 2021/2167 of the European Parliament and of the Council of 24 November 2021 on credit servicers and credit purchasers and amending Directives 2008/48/EC and 2014/17/EU. The article discusses the new EU regulatory framework for credit purchasers as one of the participants in the secondary market for non-performing loans. At first, the new EU regulatory provisions harmonising the rules applicable to credit purchasers are reviewed. Subsequently, the article compares the new EU regulatory scheme with the current Czech regulatory framework regulating the activities of credit purchasers and analyses the intended transposition of the EU provisions harmonising the conduct of business of credit purchasers into the Czech law. Finally, conclusions regarding the possible impact of such transposition are reached.

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Еврозоната и България – рецесия или икономически растеж

Author(s): Vasil Petkov / Language(s): Bulgarian Publication Year: 0

The purpose of the study is to track the dynamics of the main macroeconomic indicators for the euro area, for selected countries in the euro area and for Bulgaria, based on empirical and statistical information for a five-year retrospective period. In this way, similarities and differences in economic development can be highlighted and cause-and-effect relationships can be explored. Despite efforts to mitigate negative external shocks, gross domestic product growth slows during 2023. The level of inflation is decreasing significantly due to the increase in interest rates, but at the expense of this, the economic activity will continue to slow down. Investment has a negligible contribution to the aggregate product, and foreign trade is shrinking. Based on the analysis of interdependencies and the peculiarities of the cyclical development of the considered economies, including Bulgaria, the most likely scenario for their short-term development is either recession or low but unstable economic growth.

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Цифровото евро – перспективи и очаквания

Author(s): Monika Moraliyska,Zdravko Beshendjiev / Language(s): Bulgarian Publication Year: 0

Digitization, globalization and the advent of artificial intelligence are pushing the world towards rapid change. All spheres of socio-economic life were affected, including the banking sector, which underwent a serious metamorphosis in the last decade. A decade after the appearance of the first cryptocurrency, today the financial institutions of the EU, as well as its political leaders, are on the verge of introducing a digital euro. This report synthesizes the main expectations from the introduction of the digital euro and analyses both the possible benefits and potential risks of its use. The limitations of the study are related to the unknown nature of the problem arising from the dynamic development of technologies and their application in business and finance.

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Валутният пазар и европейската икономическа интеграция в условията на кризи

Author(s): Irena Nikolova / Language(s): Bulgarian Publication Year: 0

The foreign exchange market changes sharply due to the uncertainty worldwide, digital currencies and technology, and continuous crises in various countries and regions. The European Union as one of the major participants on the global foreign exchange market by its own currency, the euro, and the European Central Bank, are influenced as well by that turbulence. The purpose of the paper is to present the foreign exchange market in times of continuously arising crises and to analyse the adoption of the digital euro in terms of the European economic integration and the currency board in Bulgaria.

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Макропруденциален надзор в Република България. Въвеждане, институции и ефекти

Author(s): Elena Dimitrova-Tsoneva / Language(s): Bulgarian Publication Year: 0

In the countries with a fixed monetary policy, in which interest rates cannot be increased in order to tighten credit discipline, in the period 2007 – 2009, given the risks associated with the credit growth “reasonable” instruments are quickly recognized as alternatives. Bulgaria is one of the first countries to apply a macroprudential policy, using instruments ranging from higher capital requirements to differentiated requirements for reserves and prudential credit ceilings. The purpose of this publication is to show the experience of the Republic of Bulgaria in the implementation of the macroprudential supervisory policy of the Union. The benefits we manage to derive from the regulatory mechanisms for our economy in a situation after total state bankruptcy and currency board, global economic crisis and pandemic.

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Polityka stóp procentowych NBP a stopy zwrotu z sWIG80 i WIG20 w latach 1995–2023

Author(s): Eryk Łon / Language(s): Polish Publication Year: 0

Purpose: The aim of the chapter is to answer the question of whether the NBP interest rate policy has an influence on the rates of return on the sWIG80 and WIG20 indices. The chapter examines what rates of return on both stock exchange indices can be expected in periods of expansive and restrictive NBP monetary policy. Methodology: The chapter uses selected tools of quantitative methods as well as structure analysis tools, including the arithmetic mean and median. These methods make it possible to assess the connections between monetary variables and the situation on the Polish stock market in the segment of small and large companies. Findings: The chapter creates two investment strategies: playing on the increase of the stock index and playing on its decline. The former strategy is worth using in periods of expansive NBP monetary policy, whereas the latter in periods of restrictive NBP monetary policy.

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Systemy gwarantowania depozytów a stabilność finansowa w świetle doświadczeń okresów niestabilności systemowej z 2008 i 2023 roku

Author(s): Ewa Miklaszewska / Language(s): Polish Publication Year: 0

Purpose: The experience of systemic instability in March 2023 showed that a high level of retail deposit insurance is not sufficient to preserve financial stability, triggering reflection on the need for a new deposit protection policy. Therefore, the purpose of the chapter is to analyse the work currently underway, particularly the reform proposals published in 2023 by IADI, FDIC and the EC. Methodology: The chapter includes a literature review of deposit insurance schemes and a critical assessment of current proposals for their modifications. Findings: The chapter develops the claim that, given the current characteristics of financial markets and accelerated technological development, it is necessary for the preservation of financial stability to expand the scope of deposit guarantees, covering both a larger group of eligible entities and types of accounts, including addressing the problem of large deposits.

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Financial Integration and the European Union

Author(s): Mariya Yaneva / Language(s): English Publication Year: 0

Financial integration within the European Union (EU) is a complex and multifaceted economic and political process that has far-reaching implications for EU member states, economic actors and the global financial landscape. This research explores the progressive steps taken by the EU to harmonize financial markets, possible regulations and institutions, creating a single financial market known as the European Economic and Monetary Union (EMU).

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Is There a New Momentum for the Development of the Euro?

Author(s): Kaloyan Simeonov,Slaveya Vasileva / Language(s): English Publication Year: 0

After the establishment of the euro in 1999, the single currency became the second most important currency in the global markets. However, the euro has never been the single currency of the whole EU as there are always Member States of the Union that do not belong to the Euro Area. In the paper we will argue that there is a new momentum for the development of the euro both internally at EU level and globally. The internal development of the Euro Area has two main dimensions – current Euro Area enlargement as well as financial and EU economic reforms that are targeted specifically to the Euro Area. The global development of the euro is linked with the current global political and economic challenges. Last but not least, the development of the digital euro will also increase further the role of the single currency inside and outside of the EU.

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Bulgaria‘s Investment and Trade Position in 2023

Author(s): Monika Moraliyska / Language(s): English Publication Year: 0

The paper explores the investment and trade position of Bulgaria in 2023. It analyzes its investment climate, trade position and dynamics, and conducts a SWOT analysis of the Bulgarian investment climate. The author also discusses the potential for increasing foreign direct investment (FDI) in the country. By analyzing these aspects, the research paper aims at providing a detailed insights into Bulgaria’s economic prospects and opportunities for both domestic and international investors. The methodoly includes descriptive and comparatable analysis, statistical data analysis and desk research of acknowledged international rating concerning investment climate.

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Foreign Exchange Market Dynamics in Bulgaria in the Period 2018 – 2022

Author(s): Aglika Kaneva / Language(s): English Publication Year: 0

In this paper, the turnover of the foreign exchange market in Bulgaria has been examined. The structure of the foreign exchange market turnover by instruments, by currencies and the foreign exchange market turnover by counterparties for the period 2018 - 2022 have been studied. A comparative analysis of the indicators has been made.

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