Moves to standardise the systems

Islamic banks are subject to the same regulations and standards as conventional banks, though their operational procedures are vastly different. Kuwait's Islamic banks are overseen by the finance ministry rather than by the central bank, and are implicitly expected to operate within the central bank's regulatory parameters. Egypt is particularly strict with its Islamic banks. The Islamic banks of that country are in disagreement with the opinion of the state's top religious scholar regarding interest. The central bank regulations of various countries do not take into account the particular concerns of Islamic banks and make it difficult for Islamic banks to thrive when they are situated side by side with conventional institutions. What is now needed is for Islamic banks to develop a set of standards and regulations for all Islamic institutions that might serve as a substitute for policies of central state banks. Until such standards are set up, there will be obstacles to the es