IslamicFinance.de

The Islamic Development Bank (IDB) has called for the creation of a global sharia advisory board that can offer greater uniformity for the Islamic finance industry. A centralised format to the supervision of sharia-compliant banking products is gaining favour across the globe, as regulators seek to standardise industry practices and improve consumer perceptions. IDB president Ahmad Mohamed Ali said that IDB and IFSB (Islamic Financial Services Board) should study ways for creating globally acceptable references for the industry. This could include striving for the concept of a globally accepted sharia committee or body, which would be able to assist all Islamic financial institutions and bring them in line with a uniform standard. A global sharia board would also allow the industry to address low penetration rates in majority Muslim countries.