Doubts on Operational Risk aspects in Islamic Banking ?

Islamic Banking can manage risk, as every investment. Key condition for the risk management is robust data management. Key condition for the data management is robust metadata management. That is why Data Integrity Institute Inc. developed and offer the Metadata Umbrella for Islamic Banking.

The Metadata Umbrella for Islamic Banking allows full segregation of money and data flows for Islamic Banking from conventional banking. Do not forget, the money flows can not be mixed at any point, from beginning to the end of an investment or transaction.

Shariah is not condition for Islamic Banking at all. Same as shariah is not condition for production and offering of halal meat. There is halal meat production and offering in US and Canada, but there is no shariah here. It would not be practical and wise to wait for shariah in US and Canada in order to have Islamic Banking here. More than 10 million Muslim should have fair banking now, which can not be linked to establishing shariah in US and Canada.

Whatever Muslims think about it, the fact is: shariah is not legal in the US and Canada, slariah does not exists in US and Canada, and it is not realistic to expect that shariah will be legalized and established in US and Canada this current month. But this month more than 10 million people in US and Canada need Islamic Banking. They are committing a sin with every banking transaction and every usage of conventional credit card. They can not wait for shariah to be established in

Islamic Banking has to be established according Islamic requirements, but regulated by actual legal system of the country, not by shariah. When US and Canada government implement legal regulation of Islamic Banking, major US and Canadian banks will be able to employ an Islamic Council and, following the legal environment, Treasury and Central Bank (baitul mal) monitoring and Islamic Council monitoring, they will be able to serve clients who are looking for Islamic Banking.

When fair banking card, halal VISA and halal MasterCard and halal American Express, etc., become available, nobody will see that it is adifferent card, so people will be able to use that conveniently US and Canada. That will not happen this month.