Description

The Islamic financial industry is growing continuously ever since the first institutions started operating during the early Seventies. At the present, most
Islamic financial services are being provided in almost all parts of the world by different financial institutions. Standards for financial reporting, accounting and auditing have already been put in place. Progress is being made in establishing an Islamic capital and inter-bank money market, an Islamic rating agency and an Islamic financial services supervisory board. These developments imply that the Islamic financial industry has become systemically important for the international financial system.