With the Islamic finance developing at a rapid pace yet the efforts of different global bodies to create an acceptable code of standards for the industry is not an encouraging, according to a World Bank, official.
“Such move by the regulatory bodies can help in creating a sustainable Islamic finance global industry with even brighter prospects of growth,” Abayomi Alwode, from Financial and Private Sector Development Network, at the World Bank, told the conference.
In his speech at the opening of three-day 14th AAOIFI–World Bank Annual Conference on Islamic Banking and Finance which opened in Manama on Monday he highlighted the important role being played by AAOIFI and IFSB in providing standards.
“We have been hearing and talking about the different shari’ah standards which need a more global approach and level collective acceptability among the Islamic banks and financial instrutions,” he added.