You are here: Home » Finance » News » Banks
Business Standard

Accounting meets religion in challenge for Islamic banks

Banks around the globe are gearing up to implement IFRS 9 from January 2018, posing a particular challenge for many Islamic finance contracts

Topics
Ifrs 9

Reuters 

Reconciling accounting standards and religious principles is challenging Islamic banks and regulators as they adapt to new international book-keeping rules due to come into force in 2018. The new rules, known as IFRS 9, will leave their mark on all major products used by Islamic banks - from simple savings accounts to Islamic bonds - and impact their bottom-lines. Banks around the globe are gearing up to implement IFRS 9 from January 2018, posing a particular challenge for many Islamic finance contracts as they change the way financial assets are classified and measured, ...

This article is no longer available in our repository.

There could be multiple reasons for this.

First Published: Mon, November 28 2016. 16:50 IST
RECOMMENDED FOR YOU
.