Analysis: Islamic finance pressured to join accounting mainstream
(Reuters) - Rapid growth of Islamic finance is increasing pressure for the industry to enter the accounting mainstream, by seeking guidance from the International Accounting Standards Board (IASB), the global body which sets the tone for book-keeping in conventional finance.

Huge mandate for planned new Islamic Bank
(Reuters) - Gulf institutions plan to spur development of the Islamic finance industry by setting up a bank that would boost liquidity in sharia-compliant markets. But the mandate of the bank is so wide that it may struggle to have an impact early on.

AAOIFI proposes Islamic finance accounting changes
(Reuters) - The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has proposed more detailed accounting standards for real estate while increasing disclosure for Islamic banks' investment accounts.

Global Islamic finance assets hit $1.3 trillion - study
(Reuters) - Islamic financial assets around the world hit $1.3 trillion in 2011, a 150 percent increase over five years as the industry expands into new country's beyond core markets in the Middle East and Malaysia, a report on Thursday estimated.

Goldman advisor says completed work on sukuk
(Reuters) - Dar Al Istithmar, the advisor to Goldman Sachs' planned $2 billion sukuk programme, said it had finished obtaining the approval of Islamic scholars for the issue and that the next move was up to Goldman.

Standard launched for Islamic profit rate swap
(Reuters) - In an effort to help Islamic financial institutions hedge risk, global standard-setting bodies have launched a standard contract template for Islamic profit rate swaps (PRS).

Arcapita Chapter 11 exception, not rule for Gulf
(Reuters) - Bahraini investment house Arcapita's move to file for bankruptcy protection in the United States, while a milestone for debt restructuring in the Gulf, is unlikely to prompt other regional firms to follow suit.

Tunisia sets up Islamic finance working group
(Reuters) - The Tunisian government has set up a working group that will study how to develop Islamic finance in the country, a finance ministry official said.

Insight: "Rock star" scholars a risk for Islamic finance
(Reuters) - Decades of parsing turgid legal documents have not dampened the enthusiasm of octogenarian Islamic scholar Sheikh Hussein Hamed Hassan. He gets agitated as he searches for a paper among piles of documents strewn across his posh Dubai office.

Islamic Banking: a Growing or Shrinking Consumer Market in Kuwait?

Islamic Banking: a Growing or Shrinking Consumer Market in Kuwait?
By Faten Jabsheh, Weam Behbehani, and Shaima Al-Shamali

Abstract: "The steady expansion of Islamic banks (IBs) has been the hallmark of the Muslim financial landscape of the 1980s and 1990s. With a network that covers over 60 countries and an asset base of over $166 billion, Islamic banks are currently playing an increasingly significant financial and developmental role in their respective economies. Islamic banking has gained increased attention in the GCC (Gulf Cooperation Council) over the past number of years, capturing a growing 13% share of total Islamic banking assets around the world. This paper questions the growth of Islamic banking activity in the GCC, and focuses on developing prospects for one GCC country, namely Kuwait. Using detailed survey instruments regarding the provision of various Islamic banking services, the results of this study affirm the hypothesis that Islamic banking is claiming a growing market share and consumer market in Kuwait."

Islamic Banking: a Growing or Shrinking Consumer Market in Kuwait?

Background Material: Islamic Interbank Benchmark Rate (IIBR)

You can find additional information on the recently launched Thomson Reuters' Islamic Interbank Benchmark Rate (IIBR) through the various links below.  This includes the main Islamic Benchmark website as well as various PDF documents included below.


Further details can be found on the following topics:
- Background
- Definition, methodology & criteria
- Timing of publication
- Contributor Panel
- Governance

Specific PDF documents include:
IIBR fact sheet
IIBR FAQ
IIBR Governance Procedures 
Terms of Reference - Shariah Committee
Terms of Reference – Islamic Benchmark Committee
Shariah Opinion (English)
Shariah Opinion (Arabic)

Background Material: Islamic Interbank Benchmark Rate (IIBR)

Thomson Reuters launches the world's first Islamic Interbank Benchmark Rate (IIBR)

Thomson Reuters launches the world's first Islamic Interbank Benchmark Rate (IIBR)

This is a welcome development for the Islamic Finance industry:


'Thomson Reuters today launched the world's first Islamic finance benchmark rate, designed to provide an objective and dedicated indicator for the average expected return on Shariah-compliant short-term interbank funding: The Islamic Interbank Benchmark Rate (IIBR).'

Further details in the official press release.

Thomson Reuters launches the world's first Islamic Interbank Benchmark Rate (IIBR)

Harvard Islamic Finance Project DataBank

The Harvard Islamic Finance Project (IFP) website contains reports of IFP events for the past sixteen years and the Databank with over 9,000 records which include bibliographic information along with abstracts on articles, books, book chapters, conferences and theses relevant to the field of Islamic finance and economics. In addition to these resources, a collection of Quranic verses and hadith as well as a glossary of terms related to Islamic finance are included.


Users can register and access the Databank free of cost at http://ifp.law.harvard.edu. The IFP also features an option for users to submit their own published work or any relevant items via "Submit Your Work" option on the menu bar.


Many thanks to Muhammad Hassaan Yousuf for highlighting this resource.

Harvard Islamic Finance Project DataBank

Economic Performance of the OIC Countries and the Prospect of an Islamic Common Market

Economic Performance of the OIC Countries and the Prospect of an Islamic Common Market
By Kabir Hassan

Abstract: "This paper examines economic performance of the OIC member countries and analyzes the prospect of Islamic common market by analyzing trade data within a gravity model framework. There is scope of trade creation for OIC member countries if all impediments to trade and business can be eliminated. The paper also examines various sub-regional grouping within the context of gravity model, and finds that D8 comprising eight bigger OIC member countries is trade creating. For example, two countries in D8 block would trade 22 times more among themselves than two otherwise-similar country in outside the block would. The paper suggests a number of policy parameters which if followed will lead to more trade among member countries. The issue of Islamic common market should be examined further in light of new data and changed global perspectives. This paper is complements and extends Hassan (2002) and Hassan and Islam (2001), where similar conclusions were derived and policies were suggested."

Economic Performance of the OIC Countries and the Prospect of an Islamic Common Market

5th International Islamic Capital Market Forum (IICMF)

Risk Sharing: A Way Forward To Public Good
5th International Islamic Capital Market Forum (IICMF)
Kuala Lumpur on 10th November 2011

The IICMF is an effort by the SC to promote the Islamic capital market and serves as a capacity and knowledge building forum that addresses current issues, including strengths, challenges, risks and opportunities in the Islamic finance industry. The 5th IICMF will focus on a risk-sharing system as an alternative to the present fractional banking system from the perspectives of the economics, legal and Shariah.

The details on the event can also be viewed at http://www.sc.com.my/eng/html/icm/iicmf/iicmf_2011.pdf

5th International Islamic Capital Market Forum (IICMF)

Samples of Islamic Finance Contracts

Samples of Islamic Finance Contracts
By Monzer Kahf

"The purpose of providing sample contracts of Islamic Financing is to show how these contracts are formulated and how the Islamic Financing principles are reflected in legal terms."

Samples of Islamic Finance Contracts

Intertemporal Test of Beta Stationarity Performance of Islamic Sector Structured Mutual Funds

Intertemporal Test of Beta Stationarity Performance of Islamic Sector Structured Mutual Funds
By Mahmoud Haddad, Ghassem Homaifar, Said Elfakhani and Hikmat Ahmedov

Abstract: "The purpose of this research paper is to examine social Islamic mutual funds’ financial performance. Since Islamic mutual funds have only been around for the past two decades, most of the research on this topic is fairly new. In this study we apply the single factor model of Schwert and Seguin (1990) to a sample of Islamic mutual funds. The Islamic mutual funds market is one of the fastest growing sectors within the Islamic financial system. Several studies have investigated the characteristics of individual Islamic mutual funds (see Elfakhani, et al (2006), Elfakhani ,et al (2005), and Hassan, et al (2005). We are not aware of any studies that have applied the Schwert and Seguin methodology to Islamic mutual funds. Such an application is important because it allows for studying the impact of market volatility on the time variation of monthly betas and the corresponding returns. Using the S&P 500 and the FTSE Global Islamic indices on sector structured Islamic mutual funds, our results suggest that the volatility of the market and that of the Islamic mutual funds portfolio behave differently with inter and intra market proxies. There is also evidence that the volatility persistence of each Islamic mutual fund portfolio and its systematic risk are significantly related. Hence, the systematic risks of different portfolios tend to move in a different direction during periods of increased market volatility. As a result, we gain an insight into the return dynamics and the process by which Islamic mutual funds prices are determined."

Intertemporal Test of Beta Stationarity Performance of Islamic Sector Structured Mutual Funds

Financial Guarantee as an Innovation Tool in Islamic Project Finance

Financial Guarantee as an Innovation Tool in Islamic Project Finance
By M. Kabir Hassan & Issouf Soumaré

Abstract: "This paper proposes a model to study the arrangement of Islamic project finance with the participation of the government as a provider of loan guarantees. The owner-shareholders (musharaka certificate holders) initiate a project and raise funds by issuing Islamic profit-loss sharing mudaraba certificates. The government intervenes in providing financial guarantees in order to enhance the creditworthiness and increase the mudaraba capital capacity of the project. Our work raises several policy implications related to the structuring of Islamic project finance and the participation of both government and multilateral public agencies such as the Islamic Development Bank. It provides a unifying framework for the improvement of access to funds for Islamic projects and gives a rationale for government intervention in the arrangement of these projects."

Financial Guarantee as an Innovation Tool in Islamic Project Finance

Strategic Trends in the Islamic Banking and Finance Movement

Strategic Trends in the Islamic Banking and Finance Movement
By Monzer Kahf

Strategic Trends in the Islamic Banking and Finance Movement

Survey: Perspectives on Trends in Islamic Finance

Hello Global Islamic Finance Resources community,


We are a team of MBA students working on a research project revolving around trends of the Islamic Finance industry. We are hoping to gather some feedback and opinions from the GIFR community on some identified trends that we believe exhibit increasing prominence in shaping the industry for the future. We have prepared a short questionnaire that would take approximately 10 to 15 minutes to complete. Your responses would go a long way in assisting us in our research.


Thanks in advance!

Survey: Perspectives on Trends in Islamic Finance

Survey: Perspectives on Trends in Islamic Finance

Message from the President and CEO, INCEIF

Message from the President and CEO, INCEIF

Maqasid al Shari’ah in the Prohibition of Riba and their Implications for Modern Islamic Finance

Maqasid al Shari’ah in the Prohibition of Riba and their 
Implications for Modern Islamic Finance
By Monzer Kahf

"This paper aims at re-visiting, from the angle of modern finance, the objectives of Shari’ah in regard to the prohibition of Riba and examining the consistency of such Fatawa with these objectives and whether there are any Shari’ah-intrinsic alternatives that satisfy the same finance purposes which such Fatawa thought to achieve."

Maqasid al Shari’ah in the Prohibition of Riba and their Implications for Modern Islamic Finance

Job Opportunities in Islamic Banking & Finance

Job Opportunities in Islamic Banking & Finance
AIMS - Academy for International Modern Studies
July 2011

This is a periodic compilation of job postings and openings from a multitude of sources (all relevant to Islamic banking & finance), which can be found on the AIMS website. Hoping to highlight other similar sources in the future and feedback in this regard is also very welcome. 

Job Opportunities in Islamic Banking & Finance

Can Islamic finance play key role in growth and prosperity?

Can Islamic finance play key role in growth and prosperity?
By Mushtak Parker
Arab News
July 2011

"In perhaps one of her more potentially important speeches in recent times, Zeti Akhtar Aziz, governor of Bank Negara Malaysia, the central bank, stressed that the increasing internationalization of Islamic finance and the burgeoning trade and economic linkages between the emerging countries present an important opportunity for the industry to make a meaningful and enhanced contribution toward economic growth and prosperity of these countries."

Can Islamic finance play key role in growth and prosperity?

A Different Kind of Consolidation in Islamic Finance

A Different Kind of Consolidation in Islamic Finance
By Rushdi Siddiqui
July 2011

One of the most over-used words in Islamic finance is not standardization, scholars, regulations, etc., but 'consolidation'. Islamic banks, Islamic leasing companies, Takaful companies need to consolidate to reach size and achieve scale.

A Different Kind of Consolidation in Islamic Finance

Development of Islamic Banking with Reference to UAE

Development of Islamic Banking with Reference to UAE
Fayaz Ahamed
June 2010

Abstract: Banks play an important and active role in the economic development of a country. The global financial system (GFS) is a financial system consisting of institutions and regulators that act on the international level, as opposed to those that act on a national or regional level. Islamic banking is a classical concept. Islamic banking system has emerged as a competitive and a possible substitute for the conventional banking system during the last three decades. Islamic Banking is no longer limited to specialized institutions and has expanded both geographically and in product richness, with structured credit finance receiving most of the attention. Greater importance of the General Council for Islamic Banking and Finance Institutions (GCIBFI), the Islamic Financial Service Board (IFSB), the Islamic International Rating Agency (IIRA) and the Accounting and Auditing Organization of Islamic Finance Institutions (AAOIFI), will add consistency in accordance to Islamic laws [shariah] interpretations by religious boards and the primacy of bankable governing law as a matter of form remain essential to further growth of Islamic banking.


Islamic banking transactions are governed by the codes of the shariah, which prohibits interest and regulates that income, must be resulting as return from capitalist investment. This present study analyses the Islamic banking operations currently practiced in Global banking system. This paper explains the fundamental legal principles of Islamic Banking, which includes a brief review of the current state of Islamic banking development and provides the analysis of Islamic Banks with their acquired results. The paper suggests a Global organization that would allow Islamic banks to develop in compliance with its Islamic laws [shariah] principles.

Development of Islamic Banking with Reference to UAE

Have Islamic Banks Been More Resistant than Conventional Banks to the 2007-2008 Financial Crisis?

Have Islamic Banks Been More Resistant than Conventional Banks to the 2007-2008 Financial Crisis?
By Khawla Bourkhis and Mahmoud Sami Nabi

Abstract: "The recent global financial crisis has induced a series of failure of many conventional banks and led to a renewal of Minsky (1986)’s critics about the inherent instability of the fractional-reserve banking. In this context, many economists advocate for the return to narrow banking and/or for favoring the development of Islamic banking supposed to be more resilient to the financial crises. This paper attempts to answer empirically the two following questions: i) Have Islamic banks (IBs) been more resistant than their conventional peers (CBs) to the 2007-2008 financial crisis? ii) Could the presence of Islamic banks in a conventional banking system enhance the overall systemic stability? The main findings are the following. Before the financial crisis, IBs were more profitable than CBs. Then, in 2007-2008, only the large IBs remained more profitable than the large CBs. However, IBs became less profitable in 2009 when the crisis’s pass-through to the real economy had sufficiently increased. Moreover, we show that CBs were more resistant to the crisis than IBs. Hence, IBs illustrated a degree of resilience and stability during the first (financial) wave of the crisis. However, they have been impacted during the second (real) wave because of their higher exposure to real estate and their limited reliance on risk sharing instruments. Nevertheless, we find a positive externality of large IBs on the soundness of large CBs which could be justified by their asynchronous reactions to the crisis."

Have Islamic Banks Been More Resistant than Conventional Banks to the 2007-2008 Financial Crisis?

The International Role of Islamic Finance

The International Role of Islamic Finance
QFinance
By Andreas Jobst

Executive Summary

• Islamic finance has become mainstream, with more than US$800 billion of assets worldwide. However, it still faces distinct developmental challenges from economic and legal constraints associated with sukuk, banking-specific issues, and fragmented financial regulation.

• Although Islamic capital markets and banking have defied the impact of the financial crisis, some negative effects were felt in 2008 and are likely to inhibit further expansion.

• Despite current challenges, most of which arise from the infancy of the industry, Islamic finance has promising long-term prospects.

The International Role of Islamic Finance

Report Card of Islamic Indices

Report Card of Islamic Indices
By Rushdi Siddiqui
Business Times
July 2011

"Islamic equity indices, 1.0, became a global ‘instrument’ in 1999, with the launch of the Dow Jones Islamic Market Index (DJIM). But, what progress, if any, has been made in the last 11 years on Islamic indexing?"


Read more: Report card of Islamic indices

Report Card of Islamic Indices

Risk Management in Islamic and Conventional Banks: A Differential Analysis

Risk Management in Islamic and Conventional Banks: A Differential Analysis
Amanat Ali Jalbani and Salman Ahmed Shaikh
Journal of Independent Studies and Research
July 2009

Abstract: "Islamic banking is interest-free banking which makes it necessary for Islamic banks to take active part in the operations of the business, i.e. share profits as well as losses. Banks including Islamic banks prefer to take minimum risk. On the surface, it may seem that Islamic banks face more risk and hence, will have more volatile or even negative returns on their assets.

This paper analyzes the risk management procedures of Islamic banks by giving a differential analysis of risk management discussing only the unique characteristics of risk management in Islamic Banking. The usual credit assessment procedures and BASEL are not discussed. This paper looks at the comparative performance of Islamic banks and conventional banks by using ROE as the benchmark."

Risk Management in Islamic and Conventional Banks: A Differential Analysis

The Constitution and Islam: Are Tax Reforms Possible to Facilitate Islamic Finance?

The Constitution and Islam: Are Tax Reforms Possible to Facilitate Islamic Finance?
Brett Freudenberg, Griffith University - Griffith Business School
Dr. Mahmood Nathie, Griffith University
Revenue Law Journal, June 2011

Abstract: "Islamic banking and finance is emerging in global financial markets and governments seek to facilitate it. This article focuses on whether it is constitutionally possible for Australia to implement reforms to facilitate faithbased financial transactions.


There have been calls for Australia to become a financial hub – particularly in South East Asia. One aspect of this is the recognition of Islamic finance as an alternative in the marketplace. This would include ensuring that tax laws are synchronised with Islamic tenets on financial transactions and do not hinder such alternatives.


Being different to conventional finance, Islamic finance has attracted interest and scepticism, partially because of the lack of understanding and the paucity of academic research on the subject. While the idea of facilitating faith-based finance may seem economically rational, a fundamental question needs to be addressed: is it appropriate for Australia’s tax laws to be amended to facilitate what may be construed to be the furtherance of any religion? This article considers the theoretical considerations of tax and religion and assesses the implications of Islamic finance in light of Australian constitutional law."

The Constitution and Islam: Are Tax Reforms Possible to Facilitate Islamic Finance?

SC receives awards for ICM efforts (and MIFC eNewsletter)

SC receives awards for ICM efforts

The Securities Commission Malaysia (SC) has received the prestigious "Outstanding Contribution to the Development of Islamic Capital Market" award at a dinner held in conjunction with the 5th London Sukuk Summit from 8-9 June 2011. The SC’s Islamic Capital Market consultant Wan Abdul Rahim Kamil was also recognised with an award for “Outstanding Leadership in Islamic Finance”.

Read the rest of the MIFC eNewsletter here (June edition).

The award recognises the depth and breadth of Malaysia’s Islamic capital market and the pivotal role played by the SC in this regard. Accounting for 72.5% of global Sukuk issuances by domicile in 2010 and 65% of global sukuk outstanding by domicile as at December 2010, Malaysia’s pole position in the global Sukuk market was widely recognised by all the event. With its compounded annual growth rate (CAGR) of 22.2% from 2000-2010 and an expectation of double digit growth over the coming ten years, Malaysia was also acknowledged at the Summit as the engine for Sukuk market growth.

The awards were received on behalf of the SC and Wan Abdul Rahim Kamil by Dato Dr Nik Ramlah Mahmood, Managing Director of the SC who had earlier presented to the forum on the growth and diversity of Malaysia’s Sukuk market.

Established to help raise the standards in the Islamic finance sector and to set the highest benchmarks for the industry globally, the London Sukuk Summit Awards underline the international community's recognition of the important role the SC has played and will continue to play in the development and growth of Islamic finance and Sukuk in particular.

SC receives awards for ICM efforts (and MIFC eNewsletter)

Islamic Economics: Notes on Definition and Methodology

Islamic Economics: Notes on Definition and Methodology
By Monzer Kahf

"This paper aims at examining the implications of different suggested definitions of Islamic economics, exploring its scope and attempting to outline its methodology."

Islamic Economics: Notes on Definition and Methodology

Job Opportunities in Islamic Banking & Finance

Job Opportunities in Islamic Banking & Finance
AIMS - Academy for International Modern Studies
June 2011

This is a periodic compilation of job postings and openings from a multitude of sources (all relevant to Islamic banking & finance), which can be found on the AIMS website. Hoping to highlight other similar sources in the future and feedback in this regard is also very welcome.

Job Opportunities in Islamic Banking & Finance

The 1997-98 East Asian Financial Crises: an Islamic Perspective

The 1997-98 East Asian Financial Crises: an Islamic Perspective
By Adam B. Elhiraika

Abstract: "This paper examines the causes and policy implications of the 1997-98 financial crises in East Asia from an Islamic perspective. The paper suggests that the crises may be better understood as consequences of internal contradictions in the interest-based financial system as regards risk and return sharing between financiers and entrepreneurs. The analysis challenges orthodox policy prescriptions and concludes that the Islamic principle of partnership in finance, which calls for profit and loss sharing and emphasizes the need for project finance, seems to provide the ingredients for the long-sought solutions."

The 1997-98 East Asian Financial Crises: an Islamic Perspective

Residual Income Models and the Valuation of Conventional and Islamic Banks

Residual Income Models and the Valuation of Conventional and Islamic Banks
Doctoral thesis, University of Surrey
Schoon, Natalie (2005)

Residual Income Models and the Valuation of Conventional and Islamic Banks

The Stability of Islamic Banks During the Subprime Crisis

The Stability of Islamic Banks During the Subprime Crisis
Aniss Boumediene, Université Paris I Panthéon-Sorbonne - Institut d'Administration des Entreprises de Paris (IAE Paris)
Jerome Caby, ICN Business School
December 2009

Abstract: "This empirical study examines the stability of Islamic banks during the subprime crisis. It covers a sample of fourteen Islamic banks and fourteen conventional banks. The conditional variance (volatility) of returns was used to measure stability. The E-GARCH and GJR-GARCH asymmetric models were used to estimate volatility due to their ability to take into account the leverage effect. The results of this study show that conventional bank returns were highly volatile during the crisis period, while Islamic banks saw their volatility - initially low - increase during the crisis, though to a much more moderate extent. These results corroborate both the hypothesis that Islamic banks were at least partially immune to the subprime crisis and the underlying hypothesis that Islamic banks are not subject to the same risks as conventional banks - although, due to their links with the real economy, they do eventually suffer the consequences of the subprime crisis."

The Stability of Islamic Banks During the Subprime Crisis

Problems and Prospects of Islamic Banking: a Case Study of Takaful

Problems and Prospects of Islamic Banking: a Case Study of Takaful
Ahmad, Mohd Izhar; Masood, Tariq and Khan, Mohd Saeed
April 2010

Abstract: "The paper is an attempt to analyse the working of Takaul in the world and its popularity in the insurance sector in the world. Keeping in view of Sharia we have also tried all possible aspects of insurance system popular in the world and tried to look at its possibility to familiarize more amongst Muslims of the world. It is observed that customer awareness remain low, however this is often attributed to a limited understanding of Islamic finance in the banking and insurance world. We wish to have a proper salesmanship and advertisement of Islamic banking system in India and all around the world."

Problems and Prospects of Islamic Banking: a Case Study of Takaful

Exploring the Optimal Method of Penetration into the Saudi Islamic Investment Banking sector

Exploring the Optimal Method of Penetration into the Saudi Islamic Investment Banking sector
Banker Middle East Magazine
By Mohammed Khnifer (MSc,MBA,CIFP)

This research paper highlights the potential which lies within the opportunities offered by the under-developed Saudi Islamic investment banking sector.

Exploring the Optimal Method of Penetration into the Saudi Islamic Investment Banking sector

The Importance of Shari’Ah Supervision in Islamic Financial Institutions

The Importance of Shari’Ah Supervision in Islamic Financial Institutions
Hussain Gulzar Rammal
University of South Australia - International Graduate School of Management
Spring 2006

Abstract: "Islamic financing differs from conventional financing in that it prohibits the payment or receipt of interest. The concept of interest-free financing existed prior to the advent of Islam and was embraced in ancient Arabia. The concept was officially launched in the 1970’s by the Organization of Islamic Countries (OIC) and introduced in most Muslim nations and some Non-Muslim nations. But while it has experienced phenomenal growth rate, the Islamic financial system has been criticized for failing to incorporate the true spirit of Shari’ah in their actions. Islamic financial institutions are also divided over the interpretation of which products are considered halal (acceptable under Islamic law). In order to overcome some of these issues, financial institutions dealing with Islamic products are required to utilize the services of a Shari’ah adviser or a Shari’ah Supervisory Board (SSB). The paper recommends a more collaborative effort between the central banks of Muslim nations and regulatory organizations."

The Importance of Shari’Ah Supervision in Islamic Financial Institutions