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Islamic banks failing to adapt to crisis
Jul 03, 2009 at 09:45
Banks need to adopt new business model and take on more customers to weather economic downturn.
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By: SYED ILYAS BASHA
Posted: Jul 08, 2009 at 13:34
The concept of Islamic Banking is altogether different than the conventional one, in the sense that it is based on divine principles of Islamic Shariah.

Those responsible for formulation, implementation and supervision of its planning and running should bear this in mind all through 24X7 entire year.

The present trend in the industry, of emulating, implementing similar policies designed for satisfying the clientele is proving suicidal as it is exposing the industry to similar 'sure to occur' risks as is there for conventional banks.

Any policy, program not OK'd by the Sharia experts should always be taken to be risk bearing as is definitely bound to be closer to conventional one.

There is bound to be a scope for temptation for profit.

Sharia con-compliant or semi-compliant programs and judicious norms should be adhered to at all costs to ensure keeping industry at distance from the present goings on in the world at
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