Position of existing Islamic banks to be consolidated

Efforts are in motion to consolidate the positions of existing Islamic banks, to ease the founding of new Islamic banks, and to develop close relations between the International Association of Islamic Banks and Islamic nations. The consolidation-seeking committee will primarily discuss a seven-point paper that the chairman of the Dubai Islamic Bank recently presented. Among other things, it calls for an international Islamic network, seeks consultative services to benefit Islamic banks, and suggests the formulation of a central shari`a board for financial decisions. Since the bankers running Islamic institutions today are truly the field's pioneers, all efforts for success in Islamic banking should be made. The world has a state of economic crisis. Capitalism and socialism are flawed economic systems.