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Standards still missing for Islamic finance
- Middle East: Monday, June 02 - 2008 at 14:55
The Islamic banking sector still needs more common regulation, according to Mukhtar Hussain, global CEO of HSBC Amanah. He told delegates at the MEED Islamic Project Finance conference in Dubai that the sector needs standardization and for scholars to provide more detailed frameworks. Issues from 10 years ago have not been fully addressed, he said. Conventional banks can contribute via their knowledge on best practices, he added, and the industry needs to resolve its people shortages: 'Never was there a better time to attract people into the industry to develop its growth.' But he said Islamic banks now achieve higher market valuations than conventional banks and that almost all major projects in the Middle East have a Shariah component.
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Rob Jones, Editorial DirectorMonday, June 02 - 2008 at 14:55 UAE local time (GMT+4)
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