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Rasheed Al-Mi’raj, the Central Bank of Bahrain’s (CBB’s) governor, stated that Islamic financial institutions should learn from the experience of conventional banking institutions from the international financial crunch, increase understanding, monitor and even control, risks of liquidity, and warned them against the repercussions of succumbing to the same conventional financial mismanagement of short-term financial markets instrument.
At the 3rd Islamic Finance and Banking Conference for the Accountancy and Auditing Authority for Islamic Financial Institutions (AAOIFI) the main subjects were: enforcement of IFRS standards in Islamic banking, the need for continuity of Sharia control boards in the financial institutions, the extent of the success of REIT in Islamic banking, restructuring and performance, and the extent of success of using Islamic banking in financing international business operations (for products and instruments), the challenges and difficulties of enforcing of Basel-3 standards in Islamic financial institutions, and the apportionment of excess to shareholders in Takaful companies.