Ahmad Mohammad Ali, president of Saudi Arabia-based The Islamic Development Bank (IDB), has called for the creation of a global Sharia advisory board that can offer greater uniformity for the Islamic finance industry.
"IDB and IFSB [Islamic Financial Services Board] should study ways for creating globally acceptable references for the industry for the benefit of all," IDB president said at a conference in Kuala Lumpur.
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"This could include striving for the concept of a globally accepted sharia committee or body, which would be able to assist all Islamic financial institutions and bring them in line with a uniform standard," Gulfnews.com quoted him as saying.
Malaysia pioneered the country-level sharia board and in recent months several countries have introduced central boards of their own, including Dubai, Oman, Pakistan and Nigeria.
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