Possibilities of Shari'ah Banking Regulatory initiative in the West & the Pacific

Shari'ah banking is neither a mere religious issue nor applicable to Muslim only with limited scope, but is an applied subject with universal character for the benefit of all mankind regardless of one's religion, status, gender, race or nationality. Thus, Shari'ah banking is applicable with beneficial results to every mankind on earth with no exception in general.

The  issue of Shari'ah banking regulations & application in the USA, Europe, China or any other non-Muslim state of sovereignty, the following suggestions are made:

1. An analysis / research shall be carried out on the relevant Article (s) of the Constitution, customs, peoples' perceptions, the government's interest, business prospects & the market phenomena of the respective concerned country, aiming at possible discovery of the implementation of Islamic banking.

2. Establishing standard regulatory frameworks (Laws, guidelines, policies, standards & manuals) by complying the Shari'ah principles & standard in harmonizing the concerned country's policy & tradition (through the necessary adaptation of the rules of "Masalih al-Mursalah (public interest)".

3. Continuing with Public awareness programs through media, training, seminars & other forms of human capital development schemes.

4. Continuing with research in products, policies, standard, system, technicalities, mechanisms, market & dynamic corporate culture by referring to the global standard and practices (subject to the Shari'ah compliance).

5. Establishment & Operation of the system for the benefit of all within the Halal / Shari'ah spirit.

6. Enrichment of the continuing communication with & cooperation from the government / policy makers of the concerned jurisdiction.

Reality of 'Islamic Finance' today 2015

Islamic finance is in "no usury" thus, it's either based on profit or loss (risk) sharing techniques (in case of equity participation) or based on service charge (in case of debt financing). In other word, Islamic finance evolves with risk sharing deal while rejecting risk transferring deal in view of gaining at the expense of others.

Hence, Islamic finance is not merely a product with commercial motive only, but an integrated system for all humanity based on holistic approach of sharing, caring & concern within the spirit of brotherhood and that, may lead to a better & sustainable way to world peace in today's reality.