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Expert identifies challenges faced by Islamic finance

Posted on 15 April 2013

Thereh are numerous challenges facing the Islamic finance sector despite its unprecedented success globally, the International Centre for Education in Islamic Finance (INCEIF) said. Its chief academic officer, Syed Othman Alhabshi, said the biggest challenge for Islamic finance is the competition it is facing from the huge asset size, efficient and continuous innovations that have come with increasing product varieties and complexities in the dominant conventional finance.
He said conventional interest-based finance has centuries-old history compared to Islamic finance which only received global acceptance in the 1990s. “Until now, the Islamic financial assets constitute not more than two per cent of the total assets of the conventional sector,” he said in a public lecture on Islamic finance in Jakarta………………………………………..Full Article: Source

 
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