Bahrain-based Ithmaar Bank, an Islamic retail bank, has announced it is open to exploring alternatives in consultation with Kuwait Stock Exchange, with regard to compliance with International Financial Reporting Standards (IFRS).

The bank is listed on both the Bahrain Bourse and the Kuwait Stock Exchange and is licensed and regulated by the Central Bank of Bahrain, said a report in the Gulf Daily News (GDN), our sister publication.

In response to a directive from the Kuwait Stock Exchange asking the bank to publish its financial results in line with IFRS, Ithmaar Bank has said “publishing two sets of financial results using different international accounting standards will create confusion among investors.”

The bank currently publishes its financial results in line with international accounting standards issued by Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions.

Ithmaar Bank said it has written to the Kuwait Stock Exchange requesting a meeting to review possible alternatives.

No response has been received yet and it remains firmly committed to working closely with the regulators and stock exchanges in both Bahrain and Kuwait, the bank said. - TradeArabia News Service