Islamic finance: quarterly update

The third quarter of 2016 saw Bank Negara Malaysia publish policy documents on ijarah, hibah, qard and wadi'ah. The Central Bank of Bahrain launched a consultation on a proposed sharia governance module and the Indonesian government launched a 10-year Islamic finance master plan. The Islamic Financial Services Board (IFSB) and the Arab Monetary Fund signed a memorandum of understanding (MoU) to establish a framework to promote initiatives that foster the development of the Islamic finance sector in the Arab region. The MoU is for an initial period of three years.