This may also help to explain why mature economies, as a whole, accept, ex ante, significant current account deficits whereas emerging economies, as a whole, envisage current account surpluses. Let me add that what holds true for the industrialised countries, as a whole, is not the case in the euro area, which is posting, by and large, a balanced current account.
Deficiencies in Governance at financial institutions have been repeatedly highlighted in the past five years following the commencement of the Global Financial Crisis in 2007. Three of the standards issued by AAOIFI specifically refer to governance. The first of these standards concerns the Audit & Governance Committee.