Shariah advisors and legal experts discuss banking compliance at forum
The forum brought together various members of the supervisory bodies and specialists in Islamic banking; including legal advisors, arbitrators, representatives of the Shura Council and Members of Parliament, the Central Bank of Bahrain and Legislation and Legal Opinion Commission, the Bahrain Chamber for Dispute Resolution (BCDR), in order discuss the latest and most pressing concerning Islamic banking.
Entitled "Shariah Compliance and Applicable Laws in Islamic Banking”, the forum addressed a number of important topics that will directly lead to the enactment of laws, regulations and governing principles related to the financial activities of Islamic banks in the Kingdom of Bahrain and the countries under Shariah governance.
"We are proud to have organised this all-encompassing forum, attended by industry experts from countries around the world, this further cements BisBs position as a pioneer of the Islamic Banking in Bahrain. These types of events and forums are critical in order to further develop the Islamic Banking industry as a whole. We would like to thank all the institutions that participated in the forum, which played a vital role in creating a collaborative environment in which ideas were actively exchanged and discussed,” said Hassan Jarrar, Chief Executive Officer of BisB.
A list of proposed recommendations, included: preserving the landscape of the Islamic financial industry by issuing clear legislation enabling the Judicial Authorities to govern Islamic financing contracts in accordance with Shariah standards; the consideration of the Shariah standards issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) within the purview of the law to expedite the issuance of laws or legislation relating to Islamic banks and Islamic Financial Institutions; further enhancing the advisory role played by Shariah Supervisory Boards; addressing the legislative deficit by identifying adjudication regulations by passing new legislation concerning Islamic financial transactions; and paying closer attention to drafting legality and legitimacy of Islamic financial contracts.
Rev. Shaikh Dr. Abdul Latif Mahmood Al Mahmood, Chairman of BisB's Shariah Supervisory Board, declared the forum to be a success in terms of the selection of topics of debate and discussion. He made further recommendations to remedy certain legislative deficiencies relating to the governance of disputes concerning Islamic banks and financial institutions. Rev. Shaikh Al Mahmood also revealed his desire to cooperate with the institutions and bodies concerned to implement them on the ground in the interests of the Islamic financial industry.