Designing a single set of global standards for Islamic banks would help the industry carry out business, but it is likely to be impossible to implement, according to the Central Bank of Lebanon's Joëlle el Gemayel.

"I think the industry would greatly benefit from a single global sharia standard," she said in an interview on the sidelines of Central Banking's recent Cambridge seminar series. "But to be pragmatic, I think this is difficult to achieve, given that we have different schools of