By MAHMOOD RAFIQUE | ARAB NEWS
MANAMA: Bahrain has pioneered the modern Islamic finance industry in the region, as its history on Islamic finance goes back to more than 40 years, according to a senior central bank official.
“We have continued to play a pioneering role in the Islamic finance industry in introducing new concepts as well as formulating rules and standards for Shariah-compliant financial transactions,” Khalid Hamad, Executive Director of Banking Supervision at the Central Bank of Bahrain (CBB) said.
Khalid Hamad, while commenting on the AAOIFI Annual Shariah Conference which opens on Monday in Bahrain, said the CBB has always been supporting AAOIFI and its conference as part of its commitment to the industry.
“The CBB wants to see the best practices of Islamic finance implemented by incorporating the AAOIFI standards into the regulatory structure of the Kingdom of Bahrain. Adopting such standards will have a positive impact on the conduct and performance of Islamic financial institutions in the Kingdom,” he added.
The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) is hosting the two-day Annual Shariah Conference under the auspices of the CBB at the Gulf Convention Centre, Gulf Hotel in Manama.
Categories: Asia, Economics, Islam, Law and Religion, Middle East, Religion, United Arab Emirates