Second driving factor would be global financial centers and their regulators support for Islamic finance industry. Currently wave of interest in Islamic finance is fascinating and has helped attract global banks in Asia and Europe to use their skills to augment the application of Islamic finance principles. As expected the approach and level of enthusiasm and pro-activism has varied in Western world.
The process of integration cannot be allowed to stall again. Moving from broad principles to more practical issues, a number of challenges lie ahead for the Single Supervisory Mechanism. Let me mention a few. a. The SSM will need to establish common regulatory and supervisory practices, consolidating the level playing field and removing the barriers that prevent the integration of the European banking sector.