Malim also stated that there is an obvious absence of benchmark rates in the Islamic finance industry which then forces Islamic banks to revert to benchmark interest rates in offering profit rates.
This is seen as one of the challenges in the Islamic finance markets on a global scale.
According to the CEO of the Dubai-based Dar Al Sharia, Suhail Zubairi, several scholars are trying to emulate the Islamic banking practice with that of the conventional banking, and this is considered dishonest.
He added that Islamic finance is ethical finance, therefore it has to completely separate from conventional banking system.
Based on Ernst & Young’s World Islamic Banking Competitiveness Report 2013, the Global Islamic Banking asset will amount to $1.8 trillion.
The prediction is substantially higher than earlier estimates in the industry.
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