Harmonisation To Enhance Global Competitiveness For Islamic Finance.

As the Islamic finance industry evolves into a strategic financial segment to many economies, the harmonisation of global Islamic finance standards will give impetus to key areas of global growth. Streamlining can enable Islamic finance Institutions to compete more effectively with their conventional counterparts by encouraging more cross-border transactions, improve the competitiveness of Islamic finance vis-à-vis the conventional financial sector, facilitate product innovation in cross-border products and set the stage for a more cohesive and sustainable Islamic financial industry in the future as a mainstream player in the global financial landscape.

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