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In the presented scientific practical research we considered and explored the role and problems of state regulation and supervision of the financial sector of Ukraine, in particular of credit unions because they are inalienable participants in the financial market. In current conditions that have been established during the financial crisis, one of the most urgent problems is the effective functioning of the regulation and supervision of the financial sector. The crisis that negatively affected the activities of financial sector participants discovered the discrepancy of regulation and supervision of them, which caused the negative trend of development of financial market of Ukraine, as evidenced by official data of the National Commission, which performs state regulation in the sphere of financial services. In the presented scientific practical research we identified the strengths and weaknesses of the modern system of state regulation and supervision in the financial sector of Ukraine, particularly in the sector of credit cooperation, and we formed suggestions on improving its model in the context of the concentration of regulatory and supervisory efforts in state financial regulators. [ABSTRACT FROM AUTHOR]

This conceptual paper is provoked by two interrelated queries. (a) Did Islamic finance industry adopt the wrong banking structure by choosing commercial banking as its core structure? (b) Does riba prohibition requires nuanced understanding in case of financing in a mutually beneficial, cooperative framework? Currently adopted banking structure fails to contribute to some imperatives: spreading ownership, shared prosperity, profit sharing beyond transaction level, and adequate risk-sharing. This paper contributes toward filling a gap by raising the issue of compatibility of commercial banking with Islamic imperatives, while dealing with the issue of riba-interest equation in the context of cooperative (Ta'awuni) banking and finance. [ABSTRACT FROM AUTHOR]

Credit unions play a relevant role in providing microcredit and other financial services. Because such financial cooperative organizations have drawn the attention of a significant and growing academic literature, a bibliometric study becomes essential. This study comprehensively analyzes the literature on credit unions using the leading indices for bibliometric examination: Elsevier's Scopus and Clarivate Analytics' Web of Science databases. Our searches reveal a high level of complementarity between the databases concerning the subject. Their combined use has enabled us to extensively trace the evolution of studies on the subject regarding volume and impact. We identify the major countries, journals, authors, articles, intellectual basis and topics. Further, using CiteSpace, we have mapped the networks of co-authorship, co-citations, and co-keywords in credit union research. The findings allow us to conclude that economics and business finance are the principal areas of credit union research although articles in sociology and history were also observed. Finally, by investigating contemporary co-keywords clusters and future research directions, we identify four main avenues of research: economic performance, corporate governance, accounting and disclosure and, credit union to bank comparisons regarding customer relationships and technology. [ABSTRACT FROM AUTHOR]

Non-banking financial institutions, which include credit unions, is a important tool for solving the social and financial problems of the categories of people who are most in need. The credit cooperation movement is an important component of the social economy, as it contributes to the self-organization of people and the formation of civil society. The purpose of the article is to reveal the essence and significance of credit unions in the development of the country's economy and the well-being of its households, to identify trends in their development in the world and in Ukraine, to justify the conditions necessary for the manifestation of positive quantitative and qualitative changes in their activities. The historical background of the development of credit unions and the direction of their further evolution were disclosed. The functions of modern credit unions were determined. The analysis of quantitative and qualitative changes occurring in the activity of credit unions in Ukraine and in the world was carry out, and the factors that caused them were identified. In 2017, the average-statistical Ukrainian credit union totaled about 1490 members; thus, it was not numerous compared to the world average - 2920 members. It was determined that the credit unions, which have more members, are more resistant to the effects of negative factors. The structure of the loan portfolio of credit unions has remained virtually unchanged for many years, while the structure of the deposit portfolio tends to improve due to an increase in the share of long-term deposits. It was revealed that after an eight-year recession, in 2017 the stage of a gradual rise in the development of credit unions of Ukraine began. This trend may continue in subsequent years if: there will be no crisis situations in the economy; the problem of guaranteeing deposits of members of credit unions will be solved; the financial competence of managers and members of credit unions will rise; state and self-governing organizations will conduct the effective control over the financial condition of credit unions. [ABSTRACT FROM AUTHOR]

By this time the basis of the modern banking system developed after 1867 - banks, savings banks, co-ops (provident societies, mutual societies, etc. where the capital is not made up of shares rather business deposits) is a quarter of a century old. Its beginnings are considered to be the period before 1848. The second temporary period was the one and a half decade between 1850 and 1865 when during its earlier years neo-absolutist regulations considered financial institutions to be in the same category as profit-oriented societies. During this period, in the Sopron administrative region that incorporated most of Transdanubia, there were seven savings banks in operation in the following towns and cities: Sopron, Veszprém, Győr, Kőszeg, Nagykanizsa, Szekszárd, Pécs. Based on data from 1853, savings banks were ranked based on their capital and annual profit. Based on capital, Kőszeg ranked 2nd, Pécs 4th, Szekszárd 6th and Nagykanizsa 7th, while concerning profit Kőszeg came 1st, Pécs 3rd, Nagykanizsa 4th and Szekszárd 7th. The "bank founding rush" period that began in 1866 and intensified through the Compromise of 1867 up until 1873 resulted in 564 financial institutions in Hungary. In the above-mentioned regions, banks were established by the Austro-Hungarian Bank which extended its operations to almost every larger settlement through local banks and savings banks. True change however was only brought on by the establishment of local financial institutions. By 21st December 1874 after the crisis of 1873 there were 44 savings banks in operation and their total assets were measured at over 18,5 million Forints. The network of several savings banks and newly established credit unions resulted in continuously expanding crediting activities that contributed to the economic development of the region. [ABSTRACT FROM AUTHOR]

In the presented scientific practical research we considered and explored the role and problems of state regulation and supervision of the financial sector of Ukraine, in particular of credit unions because they are inalienable participants in the financial market. In current conditions that have been established during the inancial crisis, one of the most urgent problems is the effective functioning of the regulation and supervision of the financial sector. The crisis that negatively affected the activities of financial sector participants discovered the discrepancy of regulation and supervision of them, which caused the negative trend of development of financial market of Ukraine, as evidenced by official data of the National Commission, which performs state regulation in the sphere of financial services. In the presented scientific practical research we identified the strengths and weaknesses of the modern system of state regulation and supervision in the financial sector of Ukraine, particularly in the sector of credit cooperation, and we formed suggestions on improving its model in the context of the concentration of regulatory and supervisory efforts in state financial regulators

The need for a satisfaction of credit union users’ information requests causes necessity to improve procedure of disclosure of financial information in their financial statements. Analysis of statistics on the activities of credit unions in Ukraine has allowed revealing decrease in their number on the background of organizational consolidation. The study of international financial reporting framework, regulatory documents on accounting and reporting in Ukraine provided an opportunity to identify deficiencies of the disclosure of information about credit unions’ business activities. The result of the study is that the balance sheet and a profit and loss statement for the credit union have been added by the items, which will more fully disclose the information on assets and liabilities, business activities income and costs. In addition, these changes will avoid duplication of such information in the specialized reports provided by credit unions to the National Commission for State Regulation of Financial Services Markets. In general, this will help to protect of credit unions members’ rights and will strengthen the depositors’ and creditors’ confidence in the credit unions activities.