Who watches the watchers? (By IFN)

See: http://redmoney.newsweaver.co.uk/hfxoc2nfwdph38rwoni3wx?email=true&a=6&p=23076015&t=21038395

In last week’s issue of Islamic Finance news, we brought up the role of the fourth estate in helping to police authorities and regulators. While accepting that those in power have a crucial role to play in the development of society and industry, in this era, where institutions – especially those in the financial industry – are under scrutiny more than ever, we also acknowledge that regulators too should be kept under close watch to ensure the effectiveness of their functions.

Our cover story this week continues our inspection of regulators, in a continuation of the previous issue’s look at Shariah standard setting bodies. In one of our most thought-provoking pieces yet, we go one step further by outlining a blueprint for Shariah governance in Islamic finance, as we seek to propel the industry towards a more unified front to encourage the further global acceptance of Islamic finance.

The standardization of our industry has become especially important as more markets join the Shariah compliant finance sector. One such new entrant is Oman; and our issue this week also features an article by Abid Shakeel of Ernst & Young’s Islamic Finance Services Advisory, who writes on the sultanate’s preparations for introducing Islamic finance to its domestic market.
In another example of our industry’s inability to see eye-to-eye, we also feature a report by Gregory Man of Clifford Chance Hong Kong on the development of the Islamic derivatives market and its impact on Islamic structured finance.

Dr Moneer Hasan Saif of Yemen’s CAC Bank contributes our Takaful feature on the Islamic insurance industry in Yemen; while our IFN Reports cover the opening up of foreign investment in Saudi Arabia, regulatory developments in the Indonesian Sukuk market and the potential Islamic finance could hold for education funding.

Our IFN Correspondents write on Indonesia’s potential as a center for Islamic finance; Shariah compliant microfinance in Afghanistan; and new developments in Hong Kong’s Sukuk market.
Meet the Head talks to Robert Minnegaliev, the chairman of Russia’s AK BARS Bank, while our Case Study looks at the Saudi Electricity Company’s US$1.75 billion Sukuk.