IslamicFinance.de

Product innovation and enhancement is an important aspect for the development and growth of Islamic Finance. However, this is also one of the major challenges. To create products or services in Islamic finance, one should understand that there are two common ways — Shariah-based products, or Shariah-compliant products. The product development process should be governed by very prominent parameters, standards and framework to ensure that a proper product is introduced in the market. Needless to say, Islamic banking products are constantly being compared to interest-based products in terms of cost and return without any regard for the unique product rules of Shariah.