May 29 2011
|more articles from|
Alinma calls for supreme Shari'ah board
Iqbal, speaking to The Islamic Globe at a conference in Riyadh, Saudi Arabia last week suggested that a body like the Saudi Arabian Monetary Agency ( SAMA ) would be perfectly placed to establish a board as sole authority for all Saudi banks. This could be based on the precedent set by Bank Negara which set up Malaysia's National Shari'ah Advisory Council in 2009.
Jarmo Kotilaine, chief economist of Saudi Arabia's National Commercial Bank, was also attending the conference and added that the Saudi Sukuk market was: "Purely commercial and highly uneven... [and] dominated by [the] occasional very large issue."
However, Kotilaine did say it will not be that easy to replicate the Malaysian model, because: "market fragmentation in KSA is a persistent challenge and a source of opacity and inefficiency."
© Copyright Zawya. All Rights Reserved.
More in Islamic Finance
- UPDATE 1-Korean women scrap meeting Japanese mayor over brothel remarks
- REFILE-Elderly Korean women cancel meet with Osaka mayor over war brothel remarks
- Korean "grannies" cancel meet with Osaka mayor over war brothel remarks
- Solar plane completes second leg of cross-country flight in Texas
- College student snares record long Burmese python near Miami
- There's More