Bahrain tightens Islamic finance rules with mandatory external audit:
"Bahrain is tightening its rules for Islamic banks by requiring all of them to undergo independent, external audits to certify they are following Muslim laws known as sharia. The move, announced by the central bank on Sunday, could make Bahrain among the strictest jurisdictions for Islamic banking and help Manama maintain prominence in the industry, which it helped to pioneer, against competition from centres such as Dubai and Kuala Lumpur. Islamic banks in the Gulf have traditionally used in-house boards of scholars to determine whether their products and operations obey sharia, which includes rules such as bans on interest payments and pure monetary speculation."
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