Moreover, Shari’a principles which place emphasis on providing economic added-value to stakeholders and aim to create equivalence in benefits and costs free from harmful speculation are gaining more attention and better understanding globally. The increasing demand for Shari’a compliant products has attracted the interest of conventional international financial institutions, which have started their own activities in this field.
I note that many foreign supervisory bodies are incorporating amendments to their supervisory and regulatory legislation to allow for Islamic institutions and Shari’a compliant products which will reinforce the role of Islamic finance globally.