BIS Review 106/2007  1  interest bearing securities. Investor scheme of ICP was substituted as from October 1, 1980 by a new scheme based on profit and loss sharing. ii. The state-run House Building Finance Corporation (HBFC) also eliminated interest from its operations from July 1, 1979.  iii.
In addition, the central banks/regulatory agencies monitoring the performance of Islamic financial institutions also need to establish their own Shariah Board for guiding them in formulation of policies and rules as well as for resolution of conflicting Shariah opinions. Vigilance and oversight of the supervisor. As in any conventional bank, the role of the supervisor is critical in ensuring smooth functioning of the institutions.