Mubasher: GFH Financial Group has informed its shareholders and stock markets of the Kuwait’s Capital Markets Authority (CMA) disciplinary board resolution issued on 19 May, 2016, as it warned GFH of the consequences of non-compliance with international accounting standards (IFRS) in the future, GFH said in a bourse statement issued Sunday.
GFH clarified that it “prepares its financial statements as per the (AAOIFI) standard which is an international accounting standard for Islamic Banks that is to a large extent similar to IFRS and is mandatory on all Bahraini Islamic Banks”.
The group, which is listed on BB, KSE, and DFM, is planning for publishing future financial results in a manner acceptable to the Bahrain’s central bank and Kuwait’s CMA.
GFH intends to appeal against the CMA’s decision, the company added.
