Product Development in Islamic Banks

By Habib Ahmed | Go to book overview

CHAPTER 3
ISLAMIC BANKING:
INSTITUTIONAL
ENVIRONMENT,
ORGANISATIONAL
DESIGN AND
PRODUCT
FEATURES

A financial system entails markets and intermediaries providing products and services that satisfy various needs of different stakeholders in an economy. The key difference between Islamic finance and its conventional counterpart is that the former abides by the principles of Shari'ah. Grais and Pellegrini (2006a: 13) identify three aspects of Shari'ah requirements for the Islamic financial industry. First, conduct financial transactions in accordance to the laws of Shari'ah primarily by avoiding riba and gharar. Second, promote social benevolence by undertaking activities that foster societal objectives. Finally, develop an integrated Islamic financial system based on the principles and goals of Shari'ah (maqasid al-Shari'ah). While the first requirement relates to the legal requirement of Islamic finance, the latter two deal with the social requirements of Islamic law, discussed in Chapter 1. A key factor that determines the legal and social Shari'ah requirements is the type of products marketed by Islamic banks. The

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