‘To achieve all of this will require significant work to align the accounting and tax treatment of Islamic and other alternative financial products.
I saw the great effort Br Waqar and Br Asad put into developing this product.
However, there is another aspect to standards that is crucial for a young and rapidly growing market: the standardization and automation of business processes.
As the volume of Islamic financial transactions increases, so too do the risks associated with manual processing.
Peter Ware is currently the Head of SWIFT Islamic Finance Initiative.
The SWIFT Institute, is dedicated to fostering research and disseminating knowledge and information about the financial services industry.