Post Credit-crunch Future of Islamic Finance

In the future, Islamic finance will be seeking to focus less on compliance with each rule and more on reflecting the principles which inspire these rules in order that transactions are no longer Shari’ah-compliant but Shari’ah-based.

In recent times, Shari’ah scholars have been frustrated at the manipulation of Shari’ah rules by intelligent bankers and lawyers intending to create products that are not aligned with the principle of Islamic finance, but that are within a framework that is easily comprehensible by traditional investors who so far have been inclined to be the principal investors in sukuk.