Islamic banks, all as conventional banks tend to enjoy a fairly large power with respect to the depositors and to play an important role in the stability of financial economic system. It is therefore necessary to protect the interests of investors and depositors against any possible abuse of power, frauds, mismanagement and excessive risk taking. Hence the importance of establishing an appropriate regulatory framework, to ensure proper functioning and development of capital markets and to ensure the interests of different stakeholders.
Islamic banks are generally monitored as part of international surveillance systems for commercial banks. However, only two countries have been complying with the standards established by AAOIFI (Accounting and Auditing Organization of Islamic Financial Institutions). In the context of adaptation to its standards, several changes should be made for example as creation of deposits for equity investments.
However, numerous international organizations have been created in order to harmonize all Islamic banks:
Accounting and auditing Organization of Islamic Financial Institution (AAOIFI) located in Bahrain and whose role is to supervise the accounting rules of Islamic banks.
Islamic Financial Services Board (IFSB), its purpose is to search for ways for integration of Islamic finance into the international financial system.
International Islamic Financial Market: with the aim of creating new mechanisms compatible both with Sharia but also allowing rapid development of Islamic bank.
International Islamic Rating Agency (IIRA): rating agency created in 2002 in Bahrain which aims to promote the entry of Islamic institutions in international markets, nevertheless Western investment always remains limited.