Bahrain eyes ‘reinvention’ of Sharia finance
Thursday 25 November 2010 - by Will Henley
The Central Bank of Bahrain has called for the "reinvention" of Islamic finance as it suggests that smaller players may be squeezed out of the US$1tn market as regulatory standards tighten.
Al-Maraj also claimed that Islamic banks will need to focus on revenue diversification and "unglamorous" activities such as asset management and advisory services.
"Islamic financial institutions need to build diversified sources of revenue, relying not only on placement and performance fees, but also on the steady stream of income generated by such an unglamorous but essential activities as advisory services, asset management, and providing financial services to retail clients."
"By now it should be clear that there can be no return to business as usual."
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