6 But we should not be fooled: common fiscal policies will be neither economically desirable nor politically feasible without a successful economic convergence process. Nor should we make the mistake of believing that they can replace the need to conduct sound fiscal policies at the national level.
From an Islamic industry perspective, this has the great advantage that equity is without a doubt Shariacompliant. Finally, on the subject of international financial reporting standards, it is important to remember that transparency and consistency in the valuation of assets is every bit as important to Islamic financial institutions as to conventional ones. In fact, it is even more important.