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Financial Sector Assessment : MalaysiaMalaysia, as many of its Asian
 neighbors, experienced significant macro/financial distress
 in the late 1990s. The transformed and strengthened
 financial sector has been able to weather the recent global
 financial crisis well. Financial market intermediaries 
 reliance on cross-border and interbank funding remains
 limited. Banking institutions are well capitalized and are
 expected to be able to meet Basel three capital requirements
 comfortably by the 2019 implementation deadline. Asset
 quality has improved significantly over the last 5 years and
 banks are profitable, with low cost-to-income ratios
 compared to regional peers. The authorities have taken steps
 to monitor and mitigate the potential significant risks of
 recent rapid loan growth. The regulatory and supervisory
 regimes for banking, insurance and securities are well
 developed and exhibit a high degree of compliance with
 international standards. Government equity holdings in the
 financial sector, both direct and indirect, are extensive.
 Further development of the domestic Islamic financial system
 presents both opportunities and challenges.
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Financial Sector AssessmentTajikistan’s economy is entering a
 downturn and the banking sector is showing substantial
 weaknesses. Although regulation has improved in line with
 recommendations of the 2007 financial sector assessment
 program (FSAP), supervision and enforcement have been
 lagging behind. The widespread solvency problems in the
 sector must be addressed head-on and the authorities should
 be jointly prepared to cope with the worst. As the current
 banking sector development strategy is ending, the main
 stakeholders in financial policy should develop a
 comprehensive strategy that addresses issues in achieving
 greater financial stability, efficiency, and inclusion in
 Tajikistan. To fully realize the potential of its financial
 infrastructure in support of financial stability,
 efficiency, and inclusion, Tajikistan needs to implement
 further reforms: the private credit reporting system draws
 on data sourced from banks and microfinance institutions but
 fails to exploit other useful data such as telecommunication
 companies, utilities and insurance companies to evaluate the
 creditworthiness of individuals with greater efficiency;
 enforcement of immovable collateral can benefit from
 improved out-of-court enforcement and credit collection
 through auction sales, which is quite ineffective; and to
 achieve greater use of non-cash payments, greater efforts
 are needed to stimulate both demand and supply of non-cash
 instruments and capture a greater share of the remittance market.
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Financial Sector Assessment : Republic of KazakhstanThe Kazakhstan financial sector remains
 dominated by domestic commercial banks. The banking sector
 is largely domestically owned, private, and relatively
 concentrated, with the largest five banks accounting for 78
 percent of total banking assets. The share of foreign banks
 has increased to about 15 percent of total banking assets
 after some recent acquisitions. The stress testing included
 single factor sensibility and scenario analysis and focused
 on the potential impacts of the two main risks being faced
 by the banking system, liquidity and credit risks. The
 exercise looked into the potential impact of: (i) the
 ongoing liquidity crunch and worsening external funding
 conditions; and (ii) asset and collateral quality
 deterioration, particularly for construction, real estate,
 and consumer lending. Some progress has been achieved in
 strengthening the prudential framework and improving bank
 governance. However, there is a need to move towards
 risk-based supervision with more attention to banks'
 use of risk management systems and internal controls,
 strengthen the capacity to implement effective consolidated
 and cross-border supervision, build up stress testing
 capacity, improve the approach to asset classification and
 valuation, and develop liquidity risk monitoring capacity.
 The financial sector assessment (FSA) has taken a more
 proactive approach in dealing with banks under stress but
 staff turnover and capacity building issues hinder efforts.
 The 2004 mission recommendation to increase focus on
 liquidity risk of individual institutions has not been
 implemented effectively and, as a result, reliance on
 wholesale funding continues to pose risks.