The International Financial Services Board

An International Financial Services Board has been set up comprising of Pakistan, Malaysia, Indonesia, Bahrain, Saudi Arabia, Sudan, Iran and Kuwait as founding members of the board. The board has been set up to set standards for an Islamic financial system. It is entrusted with setting standards for Islamic institutions and ensuring they conform to principles of shari`a laws. Currently, the international banking system stacks deals in favor of lendors, leading many nations into 'debt slavery.' The beauty of the Islamic system is that risk is shared between the lender and the borrower, so 'debt slavery' is essentially abolished. Demand for ethical investments is growing and the inauguration of the International Financial Services Board is a good indication of the health of the Islamic financial services market.