“The Islamic banks’ assets have posted an increase of $725 million by end of August, a good sign for this segment of the banking sector,” Khalid Hamad Abdul-Rahman Hamad, Executive Director of Banking Supervision at the Central Bank of Bahrain told the participants of the CIBAFI conference.
“The Islamic banks have also recorded $911million in unrestricted investments accounts, which also a healthy indicator for the industry,” Khalid Hamad, told journalists on the sidelines of the General Council for Islamic Banks and Financial Institutions CIBAFI and the Shura Sharia Consultancy the 4th Sharia Audit Conference.
The Conference under the Patronage of the Central Bank of Bahrain was held at the Regency Hotel Al Riffa Ball Room on October 23rd and 24th and attracted over 100 delegates and experts.
Highlighting the growth patterns of the Islamic banks he said from January to August, Islamic banking industry has been positive in terms of business and growth.
Referring to the main focus of the Conference Khalid Hamad suggested the participants to setup a committee to review the subject of audit standards.
“At the CBB we have made it mandatory for Islamic banks and financial institutions to have Shari’ah advisors and auditors as part of the stringent measures to ensure the transparency at all levels. There is a need to develop Shari’ah standards,” he said.
With regard to Basel III and preparedness of the banking industry in the Kingdom of Bahrain he said that since the start of 2013 the CBB has been receiving the quarterly reporting system on the preparedness of the banks for Basel III. I must tell you that the reports are very encouraging and hopefully by the Bahraini banks will be ready to implement the new guidelines of capital adequacy under the Basel III model,” he added.