Will it survive? challenges faced by Islamic banking and finance in today’s world

• Main Author: Jan, Muhammad Tahir
• Format: Article
• Language: English
• Published: IIUM Institute of Islamic Banking and Finance (IIiBF), International Islamic University Malaysia (IIUM). 2018
• Subjects: HB126.4 Islamic Economics; HG3368 Islamic Banking and Finance
• Online Access: http://irep.iium.edu.my/56038/1/56038_Will%20It%20Survive.pdf; http://irep.iium.edu.my/56038/; http://journals.iium.edu.my/iiibf-journal/index.php/jif/article/view/292

Despite the significant accomplishments made by Islamic banks over the past decades, there are still some notable issues from a marketing of financial services point of view that require attention in order to strengthen their market position relative to their conventional banking counterparts. Based on a review of extant literature this paper submits that with due recognition of the Islamic banks’ peculiar practical and regulatory milieu, financial products development in its entire ramifications is a sine qua non for continuous but sustainable growth of the Islamic banks. This should be complemented by developing a robust legal structure that enhances operational efficiency without infringing on growth potentials.