The diversity provided by different schools of thoughts on same issues at times creates confusion in the minds of general public, but if properly harmonized across the globe, can become a great strength for the Islamic financial services industry thereby providing different options suitable to the varying needs of customers.
AAOIFI 2 has taken a lead by preparing Shariah standards approved by 14 renowned Shariah scholars across the world. Some countries have recognized these standards in their regulatory framework, and adoption of these standards in other countries will pave the way not only for Shariah compliance but also product innovation.