GCC - CAPITAL MARKETS - Guidelines issued for bond sellers in the Gulf

thenational.ae - Banks have drafted a list of pointers for organisations seeking to raise new capital on credit markets.

The move is intended to improve transparency and provide a stamp of approval for bonds and sukuk issued in the Gulf.

The guidelines were drafted by the Gulf Bond and Sukuk Association (GBSA), an industry body composed of 27 banks and other financial services firms. (source)

LAW - CONTRACTS - No Shariah Rules for Breaking Deals Gets Regulator Review: Islamic Finance

The leading global Islamic Finance accounting regulator is introducing conditions for contracts that comply with religious laws, seeking to standardize an industry with $1 trillion in assets under management.

The Bahrain-based Accounting & Auditing Organization for Islamic Financial Institutions will for the first time provide a “Shariah-compliant way” for parties to enter and exit contracts, Mohamad Nedal Alchaar, secretary-general of the agency, based in Manama, Bahrain, said in a phone interview Sept. 30. The rules will be enforced by December after approval by the advisory board, he said.