World Bank declares Islamic finance a priority area
New Secretary-General Jaseem Ahmed, summit host, Yves Mersch, Gov. Banque centrale du Luxembourg and Faris Sharaf, the chairman of the IFSB governing council and governor of the Central Bank of Jordan were very happy about the good results of the global Islamic financial services industry, considering the challenging environment presented by the recent international financial crisis.
For Islamic finance in particular, the pressing issue is the need to assure that the regulatory and supervisory framework for Islamic finance is consistent with ongoing global regulatory and supervisory reforms. This is particularly important since Islamic finance is rapidly being conventionalized and increasingly integrated into global financial markets.