Bahrain’s Islamic Regulator AAOIFI Issues 7 Financial Standards
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Bahrain’s Accounting & Auditing Organization for Islamic Financial Institutions issued seven Islamic standards for the industry, the regulator’s Secretary General Khaled Al Faqih said today.
The guidelines will govern financial rights or the disposal of rights, bankruptcy and liquidity management, Al Faqih said at a news conference in the capital Manama. The agency also listed rules for capital and investments protection, investment agency contracts, profit calculations from investment instruments, and the right to terminate legal contracts due to fraud, he said.