Unlocking Islamic finance through open banking and blockchain

Unified sector key for growth

Islamic finance remains an enigma for those who work in mainstream banking.

While there is a general awareness of their growing significance, understanding how the actual application of sharia-compliant products and services is limited.  This knowledge gap is understandable, particularly in advanced economies like the UK. Despite the modern evolution of Islamic finance which can be traced back to the 1970s, the sector has not developed in the same way as conventional banking. There are two reasons for this.  The first has to do with the lack of a unified governing standard. Without a global legislative framework that standardises practices, the evolution of I...