developed a pioneering risk-based audit analysis computer program,
which we use to identify the frequency of each audit in each area of
bank operation, based on the many factors that may impact bank opera-
tions such as the economy, oil prices, inflation, political developments,
and the like.
SUMMARY OF FEDERAL BANKING REGULATIONS
IN THE UNITED STATES^8
The following pages summarize some of the important U.S. banking regula-
tions. These regulations are intended to make sure that the financial system
in the United States is streamlined to prevent any excesses or mis-
management and that financial services are performed in a universal and
standardized regulatory fashion to regulate the banking business in the
states of the United States, which in fact resemble 50 different nations.
These regulations are improved on a continual basis in the United States, as
we have seen, in response to unfortunate experiences of excess and mal-
practice. The regulations are built on a vast body of human experience over
the years since the dawn of history. As we read in the Qur’aan about justice,
discrimination, and fair dealing among people:
55:9 weigh, therefore, [your deeds] with equity, and cut not the
measure short!
10:47 NOW every community has had an apostle; and only af-
ter their apostle has appeared [and delivered his message] is judg-
ment passed on them, in all equity; and never are they wronged.
11:85 Hence, O my people, [always] give full measure and
weight, with equity, and do not deprive people of what is rightfully
theirs, and do not act wickedly on earth by spreading corruption.
16:90 BEHOLD, God enjoins Justice, and the doing of good,
and generosity towards [one’s] fellow-men; and He forbids all that
is shameful and all that runs counter to reason, as well as envy;
[and] He exhorts you [repeatedly] so that you might bear [all this]
in mind.
42:42 blame attaches but to those who oppress [other] people
and behave outrageously on earth, offending against all right: for
them there is grievous suffering in store!One of the purposes of including some of the important U.S. banking
regulations in this book is to introduce the respected government officials
and RF (Islamic) banking and finance scholars, executives, and practitioners
168 THE ART OF ISLAMIC BANKING AND FINANCE