THE FUTURE OF ISLAMIC BANKING IN THE GLOBAL MARKET

There are many challenges ahead for the Islamic banking industry that require the industry to change. One of the main challenges is integrating Islamic banking with the global market. This book will explore several important aspects of that challenge, among them: the competing worldviews on Islamic banking principles; differing Shari’ah rulings that influence legal origin and governance, indicators of financial stability, and risk sharing. In trying to integrate with the global market, Islamic banks need to innovate aggressively. This means offering new products and services which, of course, will carry with them new risks. In addition, new challenges are also emerging related to the harmonisation of Shari’ah rulings, regulatory and security issues as well as market discipline.