Business24-7:Consistency has always been a vexed issue in the Islamic banking arena. An important effort towards achieving international consistency was the creation of two multilateral institutions: the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), which issues internationally-recognised Shariah 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.
There is some progress being made in this direction and the AAOIFI and IFSB will soon be in a position to share the new framework. "This will definitely unify and strengthen the industry further," said Jamal Hijres, CEO...continue
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