IMF endorses Islamic finance, warns it must be implemented better

April 7, 2015 9:08 AM

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April 7 (Reuters) - The International Monetary Fund has endorsed the principles of Islamic finance, saying it could prove safer than conventional finance, but the multilateral lender warned Islamic bankers that they must tighten rules and follow them more consistently.

A report released by the IMF this week showed the lender's growing interest in Islamic banking, which is expanding in much of the world. Last October, the IMF launched discussions with an external advisory group of Islamic finance experts and industry bodies.

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