IslamicFinance.de

Some shariah-compliant banks are removing the word “Islam” from their names — a sign of both the potential of Islamic finance to grow, and the obstacles to it becoming mainstream. The changes are part of the banks’ plans to expand. They aim to move well beyond a relatively small group of customers who stress religious permissibility, to a much larger customer base for whom pricing and service quality are key. This approach could help Islamic banks establish themselves globally. Name changes can also help Islamic banks expand in markets where regulation limits their branding options.