IslamicFinance.de

The Securities and Commodities Authority (SCA) launched a strategy for Islamic capital market development. The strategy includes the supervisory role played by SCA, the role played by self-regulatory organizations (SROs) and the challenges encountered. SCA's role is to issue legislative regulations for the Islamic capital market, updates on sukuk and capital adequacy regulations, the introduction of shari'ah board governance system and the organization of training programs. Markets' role is to issue provisions regulating trading securities, update existing regulations and develop investment indicators for Islamic securities. There are numerous challenges facing the Islamic finance market. They include the high costs of Islamic contracts, the increased complexity of Islamic products, the difference in perspectives of Islamic law and the availability of trained and qualified human resources.