IslamicFinance.de

According to Bahrain central bank executive director Khalid Hamad Abdul Rahman Hamad, making Islamic Financial Services Board (IFSB) standard mandatory is essential to take Islamic finance to the next level which is internationalisation. Until now, the articles of association of IFSB is voluntary and does not require the member countries to adopt. With the standard being mandatory, situations or regulatory arbitrage can be avoided. Moreover, Khalid Hamad noted that growth for a certain industry would require proper regulations, good standards in accounting, practice, prudential and skilled resources. He added that Islamic finance must invest in syariah-compliant instruments that create value for the society.

Bahrain Central Bank Governor Rasheed Mohammed Al Maraj said that so far it hasn't been seen any kind of adverse impact on the country’s banking sector. All banks are operating normally and transactions are handled at normal levels.
About withdrawals from banks due to concerns over the situation, he said he could not comment on expectations or speculations.