DIFC favours single Sharia board for all institutions

The DIFC is considering creating a single centralised Sharia board for the DIFC , in order to widen the acceptability of any one Islamic institution’s offerings and overcome the problems created by every institution having its own Sharia board and, therefore, limiting the liquidity of the market. Regulatory arbitrage is a problem in the global Islamic financial markets where every institution has its own Shariah board. A centralised DIFC Shariah board would help standardize the Islamic financial products and widen the number of people participating. Still there is not one global standard and every country has its own requirements which is not helping the development of Islamic finance.