Global standards for Islamic banking, finance

THESTARONLINE: Malaysia has proposed a meeting be held on setting up global standards for Islamic banking and finance.

Prime Minister Datuk Seri Abdullah Ahmad Badawi said he had discussed this with Qatar Prime Minister Sheikh Hamad Jassem Jabor Al-Thani during the Malaysian delegation’s meetings on Wednesday and had proposed the first meeting be held in Kuala Lumpur.

“We had asked that more attention be given to Islamic banking considering its acceptance in the world now.

“The first meeting would be held among experts from countries that have Islamic banking sectors,” he said.

Abdullah said that global standards would resolve problems with a common approach and also eliminate confusion.

“There could be confusion when Islamic banks in different countries have different principles or practices,” he said...continue reading