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Islamic Finance Briefing - Categorized | Banking, Compliance, Tax, Legal, Regulatory, Market Moves more

New guidelines to be unveiled at Oman Islamic Banking and Finance Conference 2012

Posted on 23 May 2012

Islamic banking differs significantly from conventional banking approaches not solely by its nature, but also by way of the challenges it faces due to the complexity of its sophisticated nature, in the form of operational risks, according to Basel II “Operational risk is the risk of loss resulting from inadequate or failed internal processes, people and system or from external events”.
According to the Islamic Financial Services Board (IFSB), in Islamic banks, operational risk is associated with the loss resulting from ‘inadequate, or failed internal processes, people, and system, or from external events, including, losses resulting from Shari’ah noncompliance, and the failure in fiduciary, responsibilities………………………………………..Full Article: Source

 
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