ISLAMIC banking practitioners and scholars should be able to foresee the needs of the market and roll out syariah products and services in advance of conventional products to ensure continuous growth of Islamic banking globally.
International Islamic University Malaysia deputy rector and syariah advisory council member of Bank Negara, Associate Professor Dr Mohd Daud Bakar, said: “Studies have shown that fatwa or religious decrees issued by syariah scholars pertaining to banking products and services have been slow, in some cases by between six months and a year compared to conventional products.