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BANKING REGULATIONS PERMIT WIDER RANGE OF ISLAMIC FINANCIAL INSTRUMENTS

January 2009 - Finance. Legal Developments by Drew & Napier LLC .

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The Banking (Amendment) Regulations 2009 (the “Regulations”) came into operation on 19 January 2009. The amendments present financial institutions offering Islamic finance a wider range of instruments with which to manage their liquidity and to match assets with liabilities. They comprise: (i) an amendment to Regulation 23; (ii) a new Regulation 23A; and (iii) a new Regulation 23B.

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