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  • AU-4.1 AU-4.1 General Requirements

    • AU-4.1.1

      Conventional bank licensees must comply with International Financial Reporting Standards / International Accounting Standards.

    • AU-4.1.2

      Overseas conventional bank licensees that do not, at the parent company level, apply IFRS/IAS are still required under Paragraph AU-4.1.1 to produce pro-forma accounts for the Bahrain branch in conformity with these standards. Where this requirement is difficult to implement, the Bahraini conventional bank licensee should contact the BMA in order to agree a solution.

    • AU-4.1.3

      Paragraph AU-4.1.1 requires conventional bank licensees that maintain Islamic 'windows' or units to apply relevant AAOIFI Financial Accounting Standards, depending on the type of Islamic finance contracts entered into. In particular, attention is drawn to AAOIFI Financial Accounting Standard 18, "Islamic Financial Services Offered by Conventional Financial Institutions".