How similar, for example, is the U.S. dual mandate – full employment and price stability – to the singular or, more precisely, hierarchical mandates for the ECB and the Bank of England? Under hierarchical mandates, price stability or low inflation is typically the principal objective, and other objectives can be pursued only once the inflation objective is met.
Second driving factor would be global financial centers and their regulators support for Islamic finance industry. Currently wave of interest in Islamic finance is fascinating and has helped attract global banks in Asia and Europe to use their skills to augment the application of Islamic finance principles. As expected the approach and level of enthusiasm and pro-activism has varied in Western world.