Abstract
After experiencing phenomenal growth over the last forty years, the Islamic banking and finance industry (IBF) faces some difficult challenges which are addressed in this paper. We argue that the industry has moved away from pursuing ideals conveyed by its brand-name products towards a convergence to the conventional banking and discuss the reasons behind this trend. We suggest that the dictates of the economic and financial theory might be at conflict with the IBF market niche strategy. Additionally, we highlight operational challenges facing the industry in deploying risk management techniques and regulatory compliance.
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