D espite tremendous development and achievement, Islamic finance faces difficulties in maintaining growth momentum through its existing framework and practices. While acknowledging the advantages and viability of Islamic finance, the International Monetary Fund (IMF) has reminded Islamic financial institutions (IFIs) of the need to tighten rules and comply with standards and regulations more consistently1.
This strong message from the IMF indicates that Islamic finance must seriously consider the adoption of global standards for the purpose of consistency and to ensure financial stability.
Islamic finance must ensure that operations comply with globally acceptable standards issued by international standard-setting agencies such as the Basel Committee for Banking Supervision (BCBS), the Islamic Financial Services Board (IFSB) and the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) to remain competitive and efficient.
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