It is important that in future the Islamic  2  BIS Review 84/2010  financial industry should find ways of diversifying its risks and of reducing its reliance on real estate backed assets. Finally, on the subject of regulation, it is important that we fully incorporate the lessons of the global financial crisis into regulatory frameworks that apply to Islamic financial institutions.
Although some people in the industry believe that it escaped relatively unscathed from the global financial crisis, and therefore has nothing to learn from the recent experience of the conventional industry, I do not share this point of view.