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Contemporary Islamic Finance is seen by many as
operating in the ‘push’ mode, with incumbent players pushing
their version of products in the market, rather than working in a
‘pull’ mode, where society’s requirements would drive industry
evolution. The Islamic finance industry has been criticized because
the profit aspect of running operations overshadows the altruistic
aspect of Islamic Finance (IF) and easily marketable solutions are
more common than socially relevant products to benefit the wider
communities. The paper has assessed and provided an account of
the current scenario and made certain proposals on how IF can move
to the next level by capitalizing on various opportunities available
at hand. Different models including microfinance, crowdfunding,
blended finance, ‘mutuals’, and takaful ¯ are reviewed in this light,
identifying business models more suited to social needs. In conclusion, it is important that Islamic finance has to move beyond its
current practice by developing other non-banking institutions as this
will help in responding to the unique needs of human societies in
general and Muslim communities in particular.
Syed Nazim Ali. (2017) Moving Towards Community Driven Islamic Finance, Journal of Islamic Business and Management, Volume 7, Issue 1.
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