Islamic banking must speed up standardization if it is to grow, while monetary authorities should enact laws that allow expansion into new Sharia-based products in domestic markets, claimed industry experts this week.
The industry needs to surmount divergent views and practices, due to different readings of the sharia, and adhere to benchmarks as it looks for new ways to grow, industry experts said on the sidelines of an Islamic finance forum at the Dead Sea.
The fast-growing $1 trillion industry is now governed by a patchwork of national regulators, standard-setting industry bodies and Islamic scholars ruling on products and contracts.
Jordan’s oldest Islamic bank, Jordan Islamic Bank JOIB.AM, also urged monetary authorities in countries where Sharia-compliant banks operate to cater for their special needs.
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Sat, Mar 20, 2010
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