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Regional banking issues come under the scanner
20 June 2007- MANAMA: The Central Bank of Bahrain (CBB) governor Rasheed Al Maraj held talks with top executives of the London-based International Capital Market Association (ICMA) and New York-based International Swaps and Derivatives Association (ISDA).He discussed with ISDA chief executive Robert Pickel the latest developments on a proposed master agreement for documenting privately negotiated Sharia-compliant derivatives transactions. The master agreement is being developed jointly by IIFM and ISDA.
They also discussed banking industry in the region, particularly the Islamic finance sector.
ICMA executive president Rene Karsenti briefed Mr Al Maraj about the latest developments on Islamic primary and secondary markets projects, which ICMA and IIFM are undertaking.
The institutions are jointly working to develop primary and secondary market standards, products and documentations for sukuk and other Sharia-compliant instruments, as well as a risk management and regulatory reporting system for institutions and sukuk-related secondary market products such as an Islamic repurchase agreement.
Reference:: Regional banking issues come under the scanner
Islamic Capital &
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