IT HAS been estimated that Islamic banking has grown not only at the annual rate of 15 per cent over the past five years but has also been expanding outside its traditional borders of Muslim economies. Its current market size has been estimated at $70 billions and projected to grow around $100 billions in the early part of this century. In some countries like the Islamic Republic of Iran, Pakistan, and Sudan, all banks and financial institutions operate …
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…the Basle Committee on Banking Supervision are useful and provide a valuable reference. In countries where both systems operate, the supervisory authorities should recognise the need to set up a regulatory framework that, while consistent with Islamic precepts, would be pragmatic and flexible enough to meet internationally-accepted prudential and supervisory requirements. Effective prudential supervision of Islamic banks in their home countries is important to foster closer integration between Islamic and conventional banking systems. ------------------------------------------------------------------------ **Bibliography**