Greater harmonization in accounting standards, prudential regulations, development of standardized instruments and practices is crucial for rapid growth and internationalization of Islamic finance, Central Bank of Bahrain Governor Rasheed Al-Maraj said yesterday.
He said the existing differences create additional costs for internationally-active firms and competitive distortions as well as reduce transparency for investors and counterparties.
In opening remarks at the second International Islamic Financial Markets Conference here, Al-Maraj said that the challenges being faced by the Islamic finance need to achieve greater alignment and convergence, without which the vision of deep and liquid global Islamic financial markets risks being compromised.
Organized by Bahrain-based IIFM under the theme "Developing the Global Islamic Financial Markets" at the Diplomat Radisson SAS Hotel, the conference has brought together 45 leading experts, regulators and bankers to discuss and share their views on challenges being faced by this rapidly growing segment of the global economy.
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