In an attempt to iron out minor clogs in its system and achieve complete harmony with the conventional banking system, the global Islamic banking and financial market was going through standardisation upheavals.But the churning process was inevitable to ensure a standardised single-structure for the sector to grow by leaps and bounds. The International Financial Market 2007 conference that got under way here yesterday reflected that global Islamic banking dilemma and its efforts to bail itself out of the uniform model muddle.
"Uniformity is possible only when we leverage on the centuries of experience of Islamic banking and at the same time keep in tune with the demands of the times. There is no difference between Islamic banks and conventional banks at the conceptual levels, only the routes adopted are different," said the Director of Islamic Banking Department of State Bank of Pakistan, Pervez Said. He underlined the need for evolving standardised fatwas that could ensure that elusive standardisation in the Islamic banking sector at the local, regional and global levels, but with a word of caution. "There should be uniformity but not to a level where it will kill innovation."
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