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The banking system in a country could not stand alone only by relying on banking institutions and regulators in domestic level. There are some organizations at the global level that have roles in providing guidance regarding best practices for the banking industry and regulators in every country. It also applies to Islamic banking, for which there are some global organizations such as IDB, IFSB, and AAOIFI, and other organizations that have different roles and functions. Those organizations synergize to maintain the banking practice so that it still runs in accordance with syari'ah principles and good governance.

Islamic Development Bank (IDB)

IDB is an international financial institution established to follow-up on the results of the conference that finance ministers from various Islamic countries held at Jeddah in December 1973. Based on the results of the meeting of the Board of Governors on July 1975, the IDB was officially in operation on October 20, 1975. The purpose of the establishment of the IDB was to assist the social and economic development of its member countries and Muslim society, according to Islamic principles. IDB also provided loans and capital for projects and productive enterprises, as well as financial assistance to member countries in other forms for the purpose of social and economic development. IDB was given the authority to receive deposits and to mobilize financial resources through the appropriate Islamic mode. Other than that, IDB was also responsible for assisting international trade promotions, especially for capital goods, among the member countries; providing technical assistance for member countries; and providing training facilities to support the development of the application of Islamic principles in Muslim countries.

Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI)

The AAOIFI was established in 1990; it is an independent, international organization supported by 200 member institutions from 45 countries, covering central banks, Islamic financial institutions, and other financial institutions in the Islamic banking and finance industry. As of this writing, AAOIFI has already published 50 standards for accounting, auditing, ethics, and other syari'ah standards. Even if they are not binding, with the publication of the standards it is hoped that all Islamic financial institutions and regulators managing how Islamic finance is practiced in each countries apply a uniform standard. The purpose of the establishment of AAOIFI was to develop accounting, auditing, governance, and ethics for various activities of Islamic financial institutions to make sure that they are in accordance with Islamic principles as well as international standards and practices; to reconcile accounting procedures and policies used in Islamic financial institutions with the same standards and interpretations used in their conventional counterpart; and to issue a syari'ah standard in relation to the concept and application of a syari'ah supervisory board in each Islamic financial institution to prevent contradiction and inconsistencies between fatwas and their application.

Islamic Financial Services Board (IFSB)

The IFSB is an international organization drawing up the principles, guidance, and standards in the banking, insurance, and capital market sectors with the purpose of supporting stability within the Islamic financial industry. IFSB concentrates on the establishment of risk management, capital adequacy, corporate governance, and transparency standards, as well as market discipline for Islamic financial institutions. IFSB was established in November 2002 and started operating in 2003; it is headquartered in Kuala Lumpur, Malaysia. IFSB is the result of a long and extensive consultative process that lasted more than two years between the governors and senior employees of central banks and monetary authorities of various countries, with support from IDB, the International Monetary Fund (IMF), and AAOIFI. The purpose of the formation of IFSB is to develop a new standard or adopt an existing one and give a recommendation on how to implement it; to provide an effective guide on effective governance and supervision; to establish cooperation between international standard-setting bodies with its member countries; to improve and coordinate the initiative in developing instruments and procedures; to develop instruments and procedures for the efficient management of risk and operations; to encourage cooperation between member countries; to facilitate capacity-building and the development of human capital; to research Islamic financial institutions, as well as publish the results of such studies and surveys; and to build a database of Islamic financial institutions and banking, as well as expertise in the industry.

Fatwa Committee in International and Domestic

The development of Islamic banking cannot be separated from the role of the fiqih-experts (ulama) in issuing fatwa or opinions with regards to products, procedures, and operations that are in accordance with the syari'ah principles. There are some differing schools in the application of Islamic syari'ah, and this may give the impression that some of the fatwas issued contradict each other. To address the problem, the Islamic Fiqh Academy was established on January 1981 in Jeddah, supported by the Organization of Islamic Cooperation (OIC) as an international conduit for countries with a Muslim majority. The Islamic Fiqh Academy published various guides on moral issues; included within those are medical ethics, socioeconomic issues, and problems like finance. In the economic field, this fatwa committee will publish rules (that are called fatwa) so that the product and the operations of an Islamic bank are in accordance with the principles of the Islamic syari'ah.

Other than on the international level, every country also possess a fatwa committee that is usually called the National Syari'ah Board. This national fatwa committee has a prerogative right in deciding on a syari'ah compliance issue or independent fatwa; the regulators do not intervene and leave to the market with regards to the how syari'ah-compliant as well as the integrity of the process. The National Syari'ah Board performs its duty assisted by the Syari'ah Supervisory Board. The main responsibility of the Syari'ah Supervisory Board is to study fatwa, to oversee banking activity, to ensure that the operation of Islamic banking is in accordance to syari'ah rules, to issue fatwa related to banking operations and financial transactions, and to ensure that the fatwa is binding for all of the Islamic banks that are its members. The other responsibility of the Syari'ah Supervisory Board is to assist the bank in determining which accounting policy to adopt, how to determine the profit-sharing ratio between the bank and the customer, how to determine the calculation and payment of zakat, and how to determine the income that is distributed and the cost (windows) that is charged.

Single versus Dual Banking System

The dual banking system is a set of systems, rules, and applications for the Islamic financial industry that run in parallel with those of conventional banking. There are several reasons why several countries apply a dual banking system through the use of Islamic banking windows. The first reason is about gradual implementation: It takes time to build a customer base, educate the public, change the regulatory environment, develop the capability of the human resources, and build adequate infrastructure. The second reason is related to efficiency. Acquiring the various prerequisites needed to develop Islamic banking requires not only time, but also cost. Using the shortest amount of time possible and the lowest cost, an Islamic banking window is far more profitable than establishing a full-fledged Islamic bank. By enacting an Islamic banking window, an established bank can ensure that the use of infrastructure and human resource allocation in its efforts are as optimal as possible and prevent avoidable duplication of resources. The third reason is effective development. The Islamic banking industry can instantly increase the number of players as well as fund-gathering capabilities, provide product variations, and increase the performance of Islamic banks along with the increase of competition in the industry. With the wide and well-established network of a parent conventional bank, the Islamic window can hitchhike the marketing network of the parent company and mimic the products of the parent bank that are already popular in the general public and can be adjusted to become syari'ah compliant. The fourth reason is the benefit of a well-established technology and system from the parent conventional bank, in the form of standard operating procedures, information systems, control and monitoring systems, as well as information related to the database of existing customers. The fifth reason is the possibility to capture the non-Muslim segment of the market as well as the floating customers.

Even if it is more practical to use an Islamic banking window, some countries prefer that Islamic banks do not develop from the Islamic windows of a conventional bank, but directly in the form of a full-fledged Islamic bank. This policy of course necessitates the consideration of several things. First, the new Islamic bank must ensure the syari'ah implementation of an its operations in all aspects, including the prevention of the intermixture of funds with the usury-based conventional bank and the prevention of conflicts of interest in management goals and organizational barriers. Second, for the regulator, it is easier to compare the performance between the two institutions, to regulate and ensure that the syari'ah requirements are fulfilled. Third, it preserves the essential idea and image of Islamic banking and to attract international investors, especially from the Middle East. Fourth, in the perspectives of an economic system, a full-fledged Islamic bank creates many new jobs as it proceeds to find people with the relevant, specific knowledge and competence to fill the ranks of its employees and management.