That door was slammed shut when MF Global blew up after a push into European sovereign debt left the firm short on the counterparty confidence a financial institution needs to operate.
As the unfortunate example of accounting firm Arthur Andersen illustrates, even a highly respected institution cannot survive the filing of criminal charges by the U.S. government.
Like an audit by an accounting firm, these boards often submit a Shariah audit for the annual report of the Islamic institution they represent and issue Shariah compliance certificates.