Taking Stock And Moving Forward: The State Of Islamic Finance And Prospects For The Future

This white paper discusses the current state of the Islamic finance industry. The authors argue that in an attempt to facilitate growth in the industry, the industry seems to have forgotten its identity. Reaching a juncture today, the authors advocate that the industry has to take a different direction and move towards more genuine Islamic financial products and transactions that are in line with the essence and spirit of Islamic finance, Islamic economics, and Islamic Shari'ah.