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Islamic Finance in the Global Economy$
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Ibrahim Warde

Print publication date: 2000

Print ISBN-13: 9780748612161

Published to Edinburgh Scholarship Online: March 2012

DOI: 10.3366/edinburgh/9780748612161.001.0001

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Regulatory Issues and Challenges: Global Norms and Religious Constraints

Regulatory Issues and Challenges: Global Norms and Religious Constraints

(p.192) 10 Regulatory Issues and Challenges: Global Norms and Religious Constraints
Islamic Finance in the Global Economy

Ibrahim Warde

Edinburgh University Press

This chapter discusses regulatory issues and challenges posed by the global norms and religious constraints on Islamic banking. In the early years of the modern Islamic banking, ambitious regulatory schemes were devised. There was talk of an Islamic Central bank, of a global zakat fund and of other collaborative schemes. Most of these ideas were never put to practice, as they were overtaken by events. When the era of deregulation emerged, national regulators lost their margin of manoeuvre to the norms and practices of the financial regulation that was established internationally. While Islamic banks have thrived in the global economy, their compliance with many of the new norms has sometimes been problematic. Increasingly, however, in recent years, and in particular since the creation in 2002 of the IFSB, Islamic regulators have been coordinating their policies with other international financial regulators.

Keywords:   regulatory issues, global norms, religious constraints, deregulation, international financial regulators, national regulators

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