Product Development in Islamic Banks

By Habib Ahmed | Go to book overview

CHAPTER 5
PRODUCT
DEVELOPMENT
PRACTICES IN
ISLAMIC BANKS

As Chapter 4 demonstrates, product development (PD) is a complex process involving many steps and requiring input from different departments of a bank. While various studies examine PD systems in different industries, empirical works on the financial sector are relatively few. Being a relatively new industry, no detailed study on the PD system in Islamic banking exists. This chapter presents results on the practices of PD in Islamic banks gathered from a survey of Islamic financial institutions. The objective of the empirical work is to examine the status of the PD system and identify the constraints facing Islamic banks in developing new products.

The empirical assessment of PD in Islamic banks is based on two surveys. The first survey examines the status of PD in Islamic banks, based on the answers to questionnaires that were sent to Islamic banks globally. Data on the size of the bank (assets and number of staff), PD unit/department, and policy and procedures related to PD in the organisation were sought. The objective of this survey was to have an overview of the status of the PD systems in Islamic banks globally. Questionnaires were sent to 177 Islamic financial institutions in thirty-six countries of the world. A total of twenty independent Islamic banks from twelve countries responded to the questionnaire.1 The sample includes

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