As is the case in any burgeoning enterprise, some of the real challenges are still in the domain of the unknown. The experience of other jurisdictions provides us with precious insights and helps us to avoid certain pitfalls. Indeed, this is not the case only with Islamic Finance, but applies to the entire financial sector.
In this sense, the global financial crisis can have a salutary effect. It serves as a wake-up call for modern finance to review the regulatory apparatus, in terms of our operating framework, processes and procedures. Standardisation with regard to Islamic finance laws and regulatory practices and the interpretation of the Sharia, is an essential ingredient in increasing the marketability and acceptance of Islamic products.