Amiri decree

 بسم الله الرحمن الرحيم

In the Name of Allah, the Beneficent, the Merciful

Amiri decree

Legislative Decree No. (23) of 2002

With Regard to Establishing the

International Islamic Financial Market (IIFM)

We, Hamad Bin Isa Al Khalifa, the King of the Kingdom of Bahrain,

Having examined the Constitution,

And the Agreement for Establishing the International Islamic Financial Market (IIFM),

And upon the submission of the Minister of Finance and National Economy,

and upon the approval of the Council of Ministers,

Hereby Decree the following

Article 1

An international Islamic financial market shall be established in the Kingdom of Bahrain, which shall enjoy a corporate body, and shall engage in its activities in accordance with its Statues in the manner detailed in the attached agreement. It shall be headquartered in the city of Manama.

Article 2

The International Islamic Financial Market aims at promoting Islamic products in accordance with objectives based on the tenets and principles of Islamic Shari’ah.

Article 3

Islamic products shall mean Sukuk, which shall be based on Ijarah, sale, Istisna’, Salam, Mudarabah or Murabahah, and such other Islamic financial products which Islamic banks deal in all over the world.

Article 4

The Ministers, each in his respective capacity, shall implement the provisions of this Law, which shall come into effect on the date of its publication in the Official Gazette.

 

Hamad Bin Isa Al Khalifa

King of the Kingdom of Bahrain

(Signed)

 

Khalifa Bin Salman Al Khalifa

Chairman of the Council of Ministers

(Signed)

 

Abdulla Hassan Saif

Minister of Finance and National Economy

(Signed)