Innovation is needed in Islamic banking

The days when Islamic banking and finance (IBF) as a sector grew exponentially at rates exceeding 20% seem to be long gone.

According to the Islamic Financial Services Board’s (IFSB) latest report for 2019, Islamic banking globally grew at a pathetic 0.9% while Takaful at 4.3% (2018). Two recent reports on the global prospects for sukuk by Standard & Poor’s (S&P) Ratings Services and Moody’s Investors Service point to a decline in issuance volume this year.

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