Islamic Financial Product Development: Shariah Analysis
Islamic banking and financial institutions should be able to foresee the needs of the market and roll out Islamic financial products and services in advance of conventional products to ensure constant growth and competitiveness of Islamic banking and financial products. However, Islamic banking a...
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| Main Authors: | , |
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| Format: | Conference Paper |
| Language: | English |
| Published: |
IIiBF
2010
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| Subjects: | |
| Online Access: | http://dspace.unimap.edu.my/xmlui/handle/123456789/2893 http://hdl.handle.net/123456789/2893 |
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| Summary: | Islamic banking and financial institutions should be able to foresee the needs of the
market and roll out Islamic financial products and services in advance of conventional
products to ensure constant growth and competitiveness of Islamic banking and financial
products. However, Islamic banking and financial products and services tended to
duplicate the conventional ones, resulting in these products losing value and causing
some confusion in their interpretation. Hence, it is essential for the Islamic financial
institutions to move beyond the adaptation of conventional products and stimulate new
ideas that will help the Islamic banking and financial industry nourish. The subject of
Islamic financial product development covers various aspects of studies. However, this
study aims to analyze the Shariah aspect of Islamic financial product development and
discuss the issues arise in the process based on secondary resources. The output of this
study should contribute to the advancement of procedure for Islamic financial product
development, particularly from the Shariah aspect, as it is the most imperative tool for the
Islamic financial institutions to meet their increasing concern about profitability,
liquidity, assets value, risk management as well as product acceptability. The study
proves that fiqh muamalat discipline provides ample spaces for developing Islamic
product development, an area in which Islamic financial institutions should focus their
resources. |
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