GCC urged to follow unified Islamic finance regulations
According to Islamic Wealth Management (IWM) Report 2012, the Gulf Co-operation Council (GCC) should have a unified rule under one regulator for Islamic investment products for ensuring lower cost of funds.
Bank Sarasin managing director and head of Islamic Finance Fares Mourad and Monzer Kahf, a leading Islamic finance scholar lkaunched the report.
the report presented the fact that reducing expenses and increasing the availability would increase competition, benefiting local investors and further the GCC’s development as a centre of excellence for Islamic finance.
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