THE IMPORTANCE OF INTERNATIONAL STANDARDS IN THE REGULATION OF ISLAMIC FINANCIAL MARKETS

Abstract

International standards play a crucial role in ensuring the stability, transparency, and sustainable development of Islamic financial markets. The growing integration of Islamic finance into the global financial system has increased the importance of harmonized regulatory frameworks and supervisory practices. This article examines the role of international standards in regulating Islamic financial markets, focusing on the activities and recommendations of key standard-setting institutions, including the Islamic Financial Services Board, Accounting and Auditing Organization for Islamic Financial Institutions, and International Islamic Financial Market. Particular attention is paid to the contribution of these standards to risk management, corporate governance, Shariah compliance, and market stability. The study also highlights current challenges in implementing international standards across different jurisdictions and proposes measures to enhance regulatory effectiveness in Islamic financial markets.