Bahraini Basel
Sharia-compliant transactions weren't even mentioned in Basel II, but that hasn't stopped Islamic banks pressing on with an adapted version. Wietske Blees talks to the Central Bank of Bahrain about the subtleties of implementation
Basel II has stretched some of the finest minds in the financial industry. But, while many banks in Europe have struggled to get their heads around some of the new capital adequacy requirements, financial institutions in the Middle East, and particularly those involved in Islamic finance, have faced an even greater challenge - how to treat those products designed to comply with Islamic law under the new framework.
It is no easy task, particularly as the original Basel II document makes no mention
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