95
Table 9. Qualitative comparison
Egypt Indonesia Ivory Coast Morocco Nigeria Pakistan Turkey UAE
Bank
supervision
The Central Bank
of Egypt (CBE)
Bank Indonesia
(BI) , now moved
to new regulator,
Otoritas Jasa
Keuangan (OJK)
The Central Bank of
West African States
(BCEAO)
The Bank Al-
Maghrib,
founded as the
successor to the
Banque d’Etat du
Maroc
The Central Bank
of Nigeria (CBN)
State Bank of
Pakistan (SBP)]
The independent
Banking Regulation
and Supervisory
Agency (BRSA) or
Bankacılık Düzenleme
ve Denetleme Kurumu
(BDDK)
Central Bank of the
UAE
Legal
Regulatory
Framework
The Law of the
Central Bank, the
Banking Sector
and Money
contains the legal
basis for the
oversight
function of the
Central Bank of
Egypt (CBE).
Central Bank Act,
the UU No.
23/1999 on
Bank Indonesia
(17 May 1999),
then amended
with UU
No.3/2004 (15
January 2004)
BCEAO Bill No.
15/2002/CM/UEMOA
related to payment
systems in the WAEMU
space issued on
September 2002.
Under the
banking law, The
Bank Al-Maghrib
and its Governor
are operationally
independent in
making
decisions on
banking and
payment
supervision.
CBN Act of 1958
(amended with
CBN Decree No.
24 of 1991), CBN
Decree
Amendments No.
3 and No. 4 of
1997, No. 37 of
1998, No. 38 of
1998, 1999 and
CBN Act of 2007.
The State Bank of
Pakistan is a central
bank established
under the State Bank
of Pakistan Act, 1956.
The other banking
companies in
Pakistan were
established under the
Banking Companies
Ordinance, 1962. The
Financial Institutions
(Recovery of
Finances) Ordinance,
2001 provides the
legal structure and
procedure for the
recovery of finances.
The Central Bank of
the Republic of Turkey
is responsible for
securing the objectives
of financial system
stability as well as the
operation, regulation
and oversight of
payment systems in
Turkey. The Banking
Regulation and
Supervision Agency
(BRSA), issues
licences, and regulates
and supervises all
major financial
institutions.
Union Law No. 10 of
1980 regulate the
central bank, the
monetary system, as
well as organisation
of banking and
payment systems.
Banking
service
provision
There are 5
public sector
banks, 27 private
and joint-venture
banks and eight
branches of
foreign banks
operating in
Egypt.
There are 120
commercial
banks in
Indonesia (four
state-owned
commercial
banks, 79 private
national banks,
26 government
regional banks
and 11 private
Islamic
commercial
banks).
There are more than 20
banks, including
international banks,
regional banks, and
private banks (2012),
In 2011, there
were 76
financial
institutions,
including 16
commercial
banks, 37
financing
companies, 6
offshore banks,
14 micro-finance
associations.
There are 24
banks operating in
Nigeria. There
also exists a
network of highly
structured
community,
development and
microfinance
banks and
financial
institutions, which
serve SMEs and
microfinance
needs.
There are 5 public
sector commercial
banks with 2,022
total branches, 22
local private banks
with 8,388 total
branches, 7 foreign
banks with 27
branches, as well as 4
specialised banks
with 547 branches.
There are 47 banks
(13 investment banks,
25 commercial banks,
4 participation
(Islamic) banks and 5
branches of foreign
banks) operating in
Turkey, in addition to
48 representative
offices of foreign
banks.
There are 23
domestic commercial
banks (three of which
are Islamic banks),
28 foreign banks
operating in the UAE,
as well as 110
representative offices
of foreign banks.
Emirates NBD is the
largest bank in terms
of total assets.
Large Value
Payment
System
The RTGS system
Automated
Clearing House
(ACH).
BI-RTGS
SKNBI
BCAO-RTGS Système des
Règlements
Bruts du Maroc
(SRBM)
Central Bank
Interbank Funds
Transfer System
(CIFTS).
Nigerian
Automated
Clearing System
(NACS)
ACH operated by
Pakistan Real-time
Interbank Settlement
Mechanism (PRISM)
TIC-RTGS UAE Funds Transfer
System (UAEFTS)
Image cheque
clearing system
(ICCS)