Islamic Banking and Finance Today: Issues and Implications

Abstract

Far from being a curiosity, Islamic banking and finance products have come of age. It has become a force to be reckoned within the international financial market breaking new grounds and making giant strides the day. This growth and geographical spread has brought in their wake several challenges which could no longer be ignored; hence the need for them to be addressed by academics and scholars, professionals and practitioners in the industry, technocrats in the government circles, standard boards as well as allied organization, shari'ah experts and other jurist consult. Some of these challenges are natural for any evolving/developing system like that of Islamic Banking and Finance (IBF). Yet, others are sociological and they altogether pose a big threat to the further growth and development of the industry if left unaddressed. Attempt is therefore made in this paper to look into such issues and proffer solution to them in order to ensure even and health growth and development of the industry.