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Islamic banks urged to fully comply with new standards

Bahrain Business
Mon, 06 Nov 2017
Avinash Saxena
1 of 2

MANAMA: Islamic banks in Bahrain have until June-end next year to fully comply with new standards mandated by Central Bank of Bahrain (CBB), a top official has warned. CBB executive director for banking supervision Khalid Hamad told delegates at the 12th Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) - World Bank Annual Conference that the new Islamic banking legislation, under which independent external scrutiny is a mandatory requirement, will promote corporate governance and compliance with Basel III norms.

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