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AAOIFI – World Bank 11 Annual Conference –

Islamic finance sets sights on centralised sharia boards

A global body for Islamic finance is developing a standard for centralised sharia boards to provide guidance for strengthening corporate governance and increasing the consumer appeal of sharia-compliant financial products. The move is the clearest indication yet that the industry is shifting away from self-regulation, an approach whichS proved flexible in its early years but which is now regarded as an obstacle to further growth. A standard on centralised sharia boards is one of the main themes covered at the annual…