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Bahrain Islamic regulator quits

Islamic financeThe Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) said on Thursday secretary general Khaled Al Fakih had left the organisation to pursue other opportunities.

Al Fakih, a Lebanese-born commercial banker, had been secretary general since February 2012, overseeing one of the main standard-setting bodies for Islamic finance.

Deputy secretary general Khairul Nizam will take over his duties while AAOIFI looks for a new secretary general, the organisation said.

Set up in 1990, AAOIFI has issued a total of 88 standards for Islamic finance. Its membership includes more than 200 institutions from 40 countries, including central banks and regulatory agencies.-Reuters