IslamicFinance.de

Six years after the economic crisis there is still much cynicism and anger directed at the conventional banks. People across the globe have a hunger for a more ethical, transparent and robust financial system. This has opened a window of opportunity for Islamic banks to emerge as a values-driven alternative to conventional banks. However, Islamic Bank deposits are minuscule compared to those held by conventional banks. Few can dispute that the lack of standardisation has held back Islamic finance. But there is a far more fundamental issue that today’s Islamic banks need to address: Catching up with new trends. Unless Islamic banks clearly define their differences from conventional banks, in moral and value terms, and are easily understood by Muslims and non-Muslims, the promise that Islamic banking can offer the world a better way of banking will have no more substance than a mirage in the desert.