The Central Bank of Bahrain (CBB) is drafting legal documentation to set
up a sharia board of scholars that would oversee the kingdom's Islamic
finance sector, in a step that could help the market compete with
regional rivals.
The bank already has a sharia board but its scope is limited to vetting its own products, said a report in the Gulf Daily News (GDN), our sister publication.
A country-level approach - which is so far rare in the Gulf - could help to limit differences between products, speed the design of new products and boost investor confidence.
A ‘legal instrument’ is now being prepared that would set out details of the Sharia board, Khalid Hamad, the central bank's executive director of banking supervision, said.
Oman's central bank set up a Sharia supervisory board last October but unlike Oman, Bahrain has positioned itself as a regional financial centre, with historical links to Saudi and Kuwaiti financial institutions, a status that in recent years has seen growing competition from Dubai and Doha.
"This will give us an edge to other markets, allowing more products to be attractive," SICO Bahrain chief executive Najla Al Shirawi.
Read more Click here / www.trade4x.net
The bank already has a sharia board but its scope is limited to vetting its own products, said a report in the Gulf Daily News (GDN), our sister publication.
A country-level approach - which is so far rare in the Gulf - could help to limit differences between products, speed the design of new products and boost investor confidence.
A ‘legal instrument’ is now being prepared that would set out details of the Sharia board, Khalid Hamad, the central bank's executive director of banking supervision, said.
Oman's central bank set up a Sharia supervisory board last October but unlike Oman, Bahrain has positioned itself as a regional financial centre, with historical links to Saudi and Kuwaiti financial institutions, a status that in recent years has seen growing competition from Dubai and Doha.
"This will give us an edge to other markets, allowing more products to be attractive," SICO Bahrain chief executive Najla Al Shirawi.
Read more Click here / www.trade4x.net
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