While such differences are well understood and in Islamic tradition are well accepted, we still need to step up our efforts to make product codification as an international efforts as it will certainly have very positive benefits in promoting and facilitating sharia product developments and innovations. Product codification provided by international institutions will reduce the gap and promote products harmonization among the countries.
Excellencies, Ladies and Gentlemen, Secondly, concerning the legal infrastructure and regulatory standard for Islamic finance. As mentioned above, product structured based on Islamic principles is, by nature, different from its conventional counterparts. Hence, it requires a dedicated legal framework confirming with Sharia principles. The existing law is not sufficient in solving disputes concerning the Sharia transactions.