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Standardization is key for the growth of Islamic Banking

Posted on 20 December 2010

CEO of Capinnova Investment Bank, Mr. Jamal Hijres, strongly believes that standardisation of the ‘Islamic banking policies, procedures and regulatory framework’ on a global level is important to propel the growth of Islamic Banking across geographies. Capinnova Investment Bank is the Shari’a compliant investment banking arm of BBK.
“An important effort towards achieving international consistency was the creation of two multilateral institutions: the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), which issues internationally, recognized Shari’a standards on accounting, auditing, and governance issues; and the Islamic Financial Services Board (IFSB), which issues standards for the effective supervision and regulation of Islamic financial institutions. The growth of such institutions will definitely improve and propel the industry at a faster pace,” said Mr. Hijres……………………………………….Full Press Release: Source

 
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