(III) Improvement of corporate governance of commercial banks calls for not only the efforts of the banks themselves but also favorable environment. During economic transition, favorable environment has bigger significance. To some extent, favorable environment will directly influence the establishment and betterment of corporate governance structure in every commercial bank.
The Islamic finance industry has been able to introduce a scheme of profit sharing instead of prohibited interest payments. This has led the way to the development of a range of financial products, including the Islamic bond, or sukuk. BIS Review 23/2008  1  Islamic finance brings greater diversity The development of Islamic finance brings diversity to financial markets and financial transactions.