Monday, 18 April 2016 11:30

Islamic banking's challenges and goals

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Strong views were recently expressed by the Muslim Consumers Association of Malaysia that the Islamic banking and finance industry follows the letter but not the spirit of Islam. “Perbankan Islam tiad ‘roh Islam, zalim” (Utusan, Oct 23, 2015) raises some serious concerns of society. This is despite the fact that “Islamic banking assets grew at an annual rate of 17.6 per cent between 2009 and 2013, and will grow by an average of 19.7 per cent a year in 2018 (The Economist, Sept 13, 2014); Khalid Howladar of Moody’s rating agency, calls this “a landmark year” for Islamic finance, in that it is moving from “a very esoteric asset class to one that’s more… global”......................Download the full article in pdf attachment (below)