Banking on Faith: Islamic Banking in the Middle East

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Executive Summary

Islamic banks are on the threshold of a historic opportunity. Oil prices are rising; the banks are flush with funds and are driving growth on the back of strong recent performances. However, to deliver on the promise they need to address certain issues. Of primary concern are the disparate interpretations of the fundamental Islamic financial principles. The emergence of a clear standard and a common framework will help bring about improved products along with more effective accounting, governance, transparency, and management practices at Islamic banks. This can help these banks build stronger brands for improved scale and performance leading to faster growth and higher margins.

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