بسم الله الرحمن الرحيم
In the Name of Allah, the Beneficent, the Merciful
Legislative Decree No. (23) of 2002
With Regard to Establishing the
International Islamic Financial Market (IIFM)
We, Hamad Bin Isa Al Khalifa, the King of the Kingdom of Bahrain,
Having examined the Constitution,
And the Agreement for Establishing the International Islamic Financial Market (IIFM),
And upon the submission of the Minister of Finance and National Economy,
and upon the approval of the Council of Ministers,
Hereby Decree the following
An international Islamic financial market shall be established in the Kingdom of Bahrain, which shall enjoy a corporate body, and shall engage in its activities in accordance with its Statues in the manner detailed in the attached agreement. It shall be headquartered in the city of Manama.
The International Islamic Financial Market aims at promoting Islamic products in accordance with objectives based on the tenets and principles of Islamic Shari’ah.
Islamic products shall mean Sukuk, which shall be based on Ijarah, sale, Istisna’, Salam, Mudarabah or Murabahah, and such other Islamic financial products which Islamic banks deal in all over the world.
The Ministers, each in his respective capacity, shall implement the provisions of this Law, which shall come into effect on the date of its publication in the Official Gazette.
Hamad Bin Isa Al Khalifa
King of the Kingdom of Bahrain
Khalifa Bin Salman Al Khalifa
Chairman of the Council of Ministers
Abdulla Hassan Saif
Minister of Finance and National Economy