These bodies now need to take the lead in adapting the new international standards, including Basel III, to the specific circumstances of Islamic finance. Ensuring that firms have strong capital and liquidity buffers should not be seen as an optional extra for the industry, but as an essential foundation for its next stage of growth.
The industry will be stronger if it strengthens its foundations, just as the foundations of interest-based finance are now being strengthened. Thank you for your attention. BIS central bankers’ speeches  3