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Commerzbank focuses on the different regulatory regimes governing Islamic Finance

While Islamic banking is on a path towards becoming established on a global basis there is, as yet, little standardisation in regard to regulation and products. Writing in this month’s Business Islamica magazine, Carsten Kayatz, Senior Product Manager for Financial Institutions at Commerzbank, highlights that, instead, a multiplicity of regulatory systems governs Islamic finance worldwide. Compliance is always a complex issue under the best of circumstances, in large part because of the need to comply with at least two different legal codes – that of Shari’ah-law, and the regulatory system of the country in which the relevant transaction is taking place. Within this operating environment, flexibility and local knowledge are therefore prerequisites for satisfying the demands of modern, international Islamic finance.

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