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Standardisation of Islamic banking practices: a regulatory perspective

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  • Muhamed Zulkhibri
  • Reza Ghazal

Abstract

The paper compares regulation and standard-setting process of Shari'ah-compliance for Islamic banking institutions in 13 Muslim and non-Muslim countries. The findings suggest that the regulation for Islamic banking institutions in most countries is formulated in the image of conventional banking. Some countries lack a proper legal framework with some notable issues including the lack of a dedicated Islamic banking law with few laws relating to corporate governance. However, most countries follow accounting standards of their domicile, International Accounting Standards (IAS) and Islamic accounting standards. The paper also suggests that due to various constraints facing Islamic banking practices, facilitating cluster or regional rules and practices may be the first step towards greater harmonisation.

Suggested Citation

  • Muhamed Zulkhibri & Reza Ghazal, 2014. "Standardisation of Islamic banking practices: a regulatory perspective," Afro-Asian Journal of Finance and Accounting, Inderscience Enterprises Ltd, vol. 4(1), pages 1-25.
    • Handle: RePEc:ids:afasfa:v:4:y:2014:i:1:p:1-25
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    Citations

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    Cited by:

    1. Mohammad Zarei & Amir Alambeigi & Parvaneh Karimi & Behrouz Zarei, 2015. "What Drives Mergers and Acquisitions Waves in Developing Countries? Evidences from Iranian Banking Industry," Iranian Economic Review (IER), Faculty of Economics,University of Tehran.Tehran,Iran, vol. 19(2), pages 123-137, Spring.
    2. Andrea Delle Foglie & Elias Boukrami & Gianfranco Vento & Ida Claudia Panetta, 2023. "The regulators’ dilemma and the global banking regulation: the case of the dual financial systems," Journal of Banking Regulation, Palgrave Macmillan, vol. 24(3), pages 249-263, September.
    3. Zulkhibri, Muhamed & Ismail, Abdul Ghafar, 2017. "Stress Testing Frameworks and Practices in Dual Banking System: A Preliminary Assessment," Policy Papers 2017-6, The Islamic Research and Teaching Institute (IRTI).

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