Purpose and Prosperity: Reimagining Islamic finance down under
Islamic finance, as an industry, often finds itself at a crossroads. While there is much to celebrate - double-digit growth and the establishment of a global trillion-dollar industry - there is also a need for honest introspection.
Too often, Islamic finance insiders dwell on external barriers: regulators, the global riba (interest-based) system, or the so-called “conventional” competition. These were valid concerns during the foundational years of modern Islamic finance (1970s–1990s).
Today, however, such rhetoric risks are becoming an excuse for stagnation and complacency. Many conventional financial institutions and financial technology (fintech) companies have solved financial service challenges while adhering to principles far more aligned with the ethos of Islam than the Islamic finance industry has managed.
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Dr. Tanvir Ahmed Uddin