Page 1 of 7

islamic banking infrastructure

Continues for 6 more pages »
Read full document

islamic banking infrastructure

  • Course: islamic banking and finance
Page 1 of 7
Islamic finance infrastructure
1. 1425H (2004) International Islamic Centre for Reconciliation and Commercial Arbitration (IICRCA) - Dubai, U.A.E. Conduct mediation of disputes and to adjudicate on financial and commercial disputes which can arise between Islamic financial institutions, and between these institutions and/or third parties. 2. 1423H (2002), The Islamic Financial Services Board (IFSB)- Malaysia. Promote development of prudent standards and effective supervision guidelines for the Islamic financial services industry and recommend their adoption by relevant regulatory authorities. 3. 1423H (2002), The International Islamic Rating Agency (IIRA) - Bahrain. Conduct rating of entities, determine financial strength, fiduciary risk and credit worthiness of the issuer along with assessment of Shariah compliance. 4. 1423H (2002), Liquidity Management Centre (LMC) - Bahrain. Facilitate development of inter-bank money market and to provide short-term investment opportunities with greater Shariah credibility. 5. 1422H (2001), The General Council of Islamic Banks and Financial Institutions - Bahrain. Promote cooperation amongst Islamic financial institutions, develop concepts, rules, provisions, share related information, and develop better understanding with regulatory bodies. 6. 1421H (2001), International Islamic Financial Market (IIFM) - Bahrain. Develop Shariah enhancement and guidelines for issuance of Islamic financial instruments, and to encourage active secondary market trading. 7. 1411H (1991), The Accounting and Audit Organisation for Islamic Financial Institutions (AAOIFI) - Bahrain. Develop accounting, auditing and Shariah standards for adoption in the financial reporting of Islamic financial institutions. 8. 1401H (1981) The Islamic Research and Training Institute, (IRTI) IDB - Jeddah, Saudi Arabia. To undertake research and impart training in Islamic economics and assist in the development of Shariah-compliant financial sector.

1. Accounting...