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Bahrain looks for regional edge with central Syariah board

Published Wed, Feb 4, 2015 · 09:50 PM

London

BAHRAIN'S central bank is drafting legal documentation to set up a Syariah 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 central bank already has a Syariah board, but its scope is limited to vetting its own products. 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 Syariah board, Khalid Hamad, the central bank's executive director of banking supervision, told Reuters. He did not specify a time fram…

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