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Bahrain regulator to implement stricter risk assessment rules for Islamic banks

Bahrain's central bank is drafting stricter regulations for Islamic banks to assess and report financial risk, The National reported Dec. 7, citing Khalid Hamad Abdul-Rahman Hamad, executive director of banking supervision.

Under the proposed requirements, which will be revealed in the first quarter of 2018, banks will need to hold proper reserves, including profit equalization and investment risk reserves, Hamad, who is also the chairman of the International Islamic Financial Market, told the newspaper in an interview. Before investing, the banks will need to have a plan in place for the allocation of funds, according to the report.

The final rules will be disclosed in the second half of the year but final implementation will be based on a consultation on banks' readiness, Hamad said.