Although the assets and liabilities were structured in a Sharia-compliant manner, the degree of maturity mismatching was just as great as was practiced by conventional institutions. In some cases where the asset involved a long-term development project, the degree of maturity mismatching was significantly greater than that practiced by conventional financial institutions.
In 2003, the Basel Committee on Banking Supervision, the main international standardssetting body for bank supervision, identified as a cardinal principle the responsibility of the Board of Directors “to ensure that the bank’s operational and risk management framework is subject to effective and comprehensive internal audit by operationally independent, appropriately trained and competent staff”.