Management Of Standards
The more important it is to set the standards to be applied in the Islamic financial system, the more crucial ensuring that these standards are correctly understood and applied by all implementers of the system, in other words, the management of the Islamic financial system becomes.
Participation banks, savings finance companies, benevolent loan* (Qarz-e Hasna) institutions, and all organizations that operate in financial markets by putting the principle of interest-free finance in the center are all members of the Islamic finance ecosystem. There are certain standards that have been set for the purpose of sustaining the mentioned ecosystem within the framework established by Islam.
These standards are set with the aim of presenting the financial framework stipulated by Islamic law in many areas such as financing methods used in financial markets, banking transactions, accounting practices, audit criteria, service contracts, through a uniform application.During the process of setting these standards, experts in the field benefit from many different sources and strive to bring together the needs of the financial market and the principles accepted by Islamic law at a common point.
We Must Row Together to Move Forward
It is of utmost importance that these standards, set through sensitive evaluations, are understood by all the implementers of the Islamic financial system in the same way and that a uniform application is presented to the users of financial products in the right way in order for the works to achieve their final objective.
It is expected that there will be experienced people in the field of participation banking among the teams working in the rule-making and supervisory institutions of the financial markets in our country and that these people will facilitate the application of the set Islamic financial standards. That the top managers of financial institutions, who are in charge of the implementation of the system, are also experienced in the field of Islamic finance can be considered as a guarantee that the system will not go out of the established framework.
Of course, it is of great importance that each person working in financial institutions, not only those in the top management, but also the managers at every stage and the personnel who serve the customers at the final point, act with the same sensitivity, attention, and care in this system.
One Must First Know the Rules in Order to Follow Them
It is essential that all employees of organizations that act with Islamic financial principles have a good knowledge of the framework, principles, methods, and rules of their work. At the same time, it is vital to establish and strictly implement training and audit mechanisms so that this framework does not deform. The willingness of the personnel at the lowest stage to follow these rules while the top management establishes the rules will ensure that the system functions correctly and that it becomes sustainable without losing its credibility in society.
*Benevolent Loan: To lend money or fungible goods of the consumer goods class without demanding surplus.