Bahrain looks for regional edge with central Syariah board

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.