MANAMA: Standardisation serves as a major pillar of development and sustainability to the Islamic financial industry globally, according to Central Bank of Bahrain (CBB) official.
“The stakeholders in the Islamic banking industry and regulators need to work hand in hand on the issue of sharia’h standardisation including the marketing practices,” Khalid Hamad Chairman of the International Islamic Financial Market (IIFM) told the participants of the World Islamic Banking Conference (WIBC 2016).
Khalid Hamad, who is also Executive Director at the Central Bank of Bahrain (CBB), said that IIFM had rolled out nine shariáh standards and the efforts will be there to bring more standards as part of the IIFM commitment to the global Islamic finance market.
The Central Bank of Bahrain and the Saudi Monetary Agency have had implemented the shariah standards and the same model is being replicated by the GCC and other markets across the globe. “I urge the industry to avail the opportunity by implementing the existing standards and help the IIFM to work more rigorously on developing and covering the all aspects of the Islamic finance including the trade finance.”
He thanked the CBB for introducing the investment instrument.