Wednesday, October 11, 2006

Risk management & Shari'ah rating

"KFH-Bahrain to implement state-of-the-art risk management systems", AMEInfo, October 11, 2006

The Bahrain branch of the Kuwait Finance House, a large Islamic bank, has hired SunGard to provide the bank with risk management software in order to allow it to better manage risk.

"Bahrain Islamic Bank supports Sharia'a quality rating workshop", AMEInfo, October 11, 2006

The Bahrain Islamic Bank (BIsB) has given its support to a workshop on Shari'ah Quality Ratings. The ratings assess the degree to which a financial institution complies with Shari'ah law and is carried out by the Islamic International Rating Agency (IIRA). The IIRA began in June 2005 and aims to provide soverign, instrument, entity, Shari'ah and corporate government ratings of Islamic Financial Institutions (IFIs). Currently, the organization only provides ratings on corporate governance and Shari'ah Quality. The Shari'ah Quality Ratings look at the Shari'ah board activity (frequency, agenda and minutes) and relation between the Shari'ah board and the management. The ratings range from highest (AAA) down to the lowest (B).

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