Central Bank of Bahrain looks to establish stronger sharia governance

Formal framework specifies governance structures banks must put in place

The Central Bank of Bahrain

Islamic banks in Bahrain will be expected to put in place sharia-compliant governance frameworks under new rules planned by the Central Bank of Bahrain.

The central bank wants Islamic banks to organise themselves such that sharia principles guide business activities "at all times and all levels". This will help improve perceptions of compliance and protect the banks' stakeholders, a consultation document published on September 1 said.

Islamic banks face a knotty task in proving they are

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