Rethinking regulation for Islamic banking

Islamic banking is spreading well beyond its initial markets, in North Africa, the Middle East, and Southeast Asia. Attracted by a huge growth potential, multinational banks are creating their own Islamic wings. Meanwhile, some traditional Islamic banks are making forays beyond their borders.
Regulators, however, are having difficulty balancing the religious obligations of Islamic banking and economic reality.
Whether rethinking current policies or drafting new ones, regulators should create environments that promote improved Islamic banking services and products for customers, as well as foster a global industry that goes beyond national boundaries.
Two areas—general licensing policies and the role of governments in overseeing compliance with the Islamic code, or Sharia—deserve particular attention.

Exhibit 1: Penetration of Islamic banking assets varies but has increased in most markets.
Exhibit 2: Profitability of Islamic banking varies by country.

The Perspective of the Bismillah, 1977-78
Ahmed Moustafa

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