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| Glow of reflection: industry figures are worried the sector has lost its way |
On the face of it, the Islamic finance industry has enjoyed a decent crisis. While some financial institutions that adhere to Islamic law, or sharia, have teetered, the industry as a whole has continued to expand in terms of assets under management.
Yet in spite of the apparently rosy outlook, the industry is now engaged in a heated internal debate on the future of Islamic finance.
At stake is the shape and nature of a $1,000bn industry that has seen tremendous growth and innovation during the past decade, with products ranging from Islamic hedge funds to complicated bond structures
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