BANK REGULATORS AND international organizations are launching a concerted drive to establish global standards for Islamic banking to bring coherence to the industry.
Last year, a number of central banks, led by those from the Middle East and Asia, set up the Islamic Financial Services Board (IFSB) to set and disseminate prudential and supervisory standards for the industry. The Kuala Lumpur-based IFSB is “already finalizing standards on risk management and capital adequacy and in the coming months will turn its attention to corporate governance”, says its secretary general, Rifaat Ahmed Abdel Karim.
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