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Islamic banking is a fairly recent phenomenon. The first formal institutions claiming to provide Islamic banking appeared in the 1960s. 4 Islamic banking is still in a development phase, given the recent formalization of Islamic banks, Islamic banking and finance, and the stage of development and complexity of conventional banks, banking, and finance. Consequently, there is a wide dispersion of approaches to the formal introduction and regulation of Islamic banks and banking. These range from a custom-made decree for a particular entity wishing to conduct Islamic
Islamic Banks ,” paper presented at the Conference on the Regulation of Islamic Banks in Bahrain , February 2000 . International Association of Islamic Banks , 1997 , Directory of Islamic Banks and Financial Institutions ( Jeddah : International Association of Islamic Banks ). Iqbal , Zubair , and Abbas Mirakhor , 1987 , Islamic Banking , IMF Occasional Paper No. 49 ( Washington : International Monetary Fund ). Islamic Research and Training Institute (IRTI) , 2001 , Islamic Development Bank , July 2001 , Risk Management: An Analysis of
operating windows therefore need to have internal systems, procedures, and controls to provide reasonable assurance that (a) the transactions and dealings of the windows are in compliance with Sharī`ah rules and principles; (b) Islamic and non-Islamic business are properly segregated; and (c) the institution provides adequate disclosures for its window operations. Technical Assistance 29. The IMF and the World Bank have been providing some TA to member countries on strengthening the supervision and regulation of Islamic banks . Staff have encouraged standard