Abstract
The rapid growth of Islamic finance is likely to last for a few more years given the opportunities presented by the huge Islamic market, which is only partially tapped. However, the picture is not all rosy. The Islamic financial market is increasingly becoming competitive, and alongside that rapid growth are challenges and growing pains. This chapter discusses the strategic, managerial and cultural challenges facing Islamic banks. Some of the issues it discusses are common and universal to emerging markets, and are not exclusive to Islamic banks or even Islamic countries. Indeed, even the most advanced markets are not, as the recent financial meltdown has shown, immune to strategic, managerial and cultural dilemmas. The world of finance is not cushioned from crises, panics and crashes. In the Islamic financial banking market, the religious dimension adds an extra layer of problems.
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