Will Kuwait need Shari'ah board for Islamic banks?

The International Monetary Fund (IMF) has recently issued a survey under "Islamic Finance: Opportunities, Challenges, and Policy Options" depicting a host of challenges of the industry, as well as offering proposals to countries with Islamic banks. One major proposal of the study is to establish a Shari'ah Supervisory Board (SSB). Bahrain has recently announced founding a central Shari'ah body to supervise the products of Islamic Finance and set rules to boost governance in the sector. CEO of the Kuwait Finance House (KFH), Mazin Al-Nahedh welcomed the idea, saying such central supervisory body is likely to overcome the differences over financing products of Islamic banking, as it will set the rules to be adopted, Al-Nahedh told KUNA.