Over the past three years, for example, the Federal Reserve has taken approximately twenty-five formal, public enforcement actions addressing BSA/AML-related matters. Actions have been taken against large banking organizations as well as smaller ones - the one constant is that the examination process identified regulatory violations in the organizations’ compliance programs that, under the law, mandated the supervisory actions.
I strongly believe that increasing portion of profit-loss sharing transactions, such as mudharabah and musyarakah, will be beneficial for both the financial sector and the real side of the economy and will eliminate decoupling or detachment effect between two sectors, a situation that was behind the recent global financial crisis. Another issue related to product development is about product codification.