Islamic banking: Challenges and solutions

In principle, Islamic banks act as financial brokers between the investors (depositors) and companies or individuals seeking finance solutions that are sharia compliant; sharing the profit/loss. One of the most important principles of Islamic banking is to play an active role in achieving social development. Islamic banks should be able to provide financing solutions for the different investment and commercial projects in a way different from the traditional commercial banks. However, Islamic banking institutions in the world in general and GCC in particular face many challenges on the foremost of which is the inability to attract leaders and manpower specialised in Islamic banking. They are therefore required to provide high quality and intensive training for their staff.