The rules would help small Islamic finance institutions and fund managers to outsource the process of reviewing whether their activities are compliant with Islamic principles, said
This would "enhance their operation and reduce the costs of such services," according to the text of a speech Al Baker delivered to an industry conference in
Traditionally, Islamic banks have set up their own internal sharia boards and appointed sharia scholars to rule on whether activities and products follow religious principles such as bans on interest payments and monetary speculation.
However, the outsourcing concept has gained traction in recent years as the process has become more commoditised and with scholars setting up advisory firms of their own.
The central bank is also set to release a new regulatory framework for Islamic insurance, and is studying changes to rules for sharia-compliant financing arrangements which can be offered to accredited investors.
In December, the central bank formally combined existing rules for issuing and listing financial securities, including sukuk, in an effort to make the process more efficient.
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