| Islamic banking hailed as global power By Gulf Daily News Feb 7, 2005, 12:40 |
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He said it was important to continue to train human resources in the field of Islamic finance to continue its success.
New Bahrain Monetary Agency (BMA) Governor Rasheed Al Maraj pledged to continue his predecessor's policy of promoting innovation within the Islamic finance industry.
He said that Islamic finance was losing its niche status and achieving significant recognition from the global financial industry.
"Its overall growth is currently estimated at around 15 per cent per annum and Islamic finance related assets at up to $500 billion," he said.
"For our part, the BMA will continue to focus on developing a strong regulatory and supervisory framework, fully consistent with international standards, as the best guarantee of continuing success for Islamic finance."
They were was speaking at the opening of an Annual Conference on Islamic Banking and Finance at the Gulf International Convention and Exhibition Centre yesterday.
The two-day event is organised by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI)in partnership with the International Monetary Fund.
Mr Al Maraj said that the BMA's upcoming Rulebook, containing all regulations relevant to Islamic banking, would help it achieve its goals.
"We have also been working over the past 18 months on a new regulatory framework for the insurance sector, following the transfer in 2002 of regulatory responsibility to the BMA," he said.
"These are now essentially finalised and will also be published later this month."
AAOIFI board of trustees chairman Shaikh Ebrahim bin Khalifa Al Khalifa said that the aim of the conference was to offer a platform for the discussion of important issues and also to provide an avenue for practical solutions to problems.
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