Variety is the spice of life in Islamic finance

Despite growth rates at least twice as high as those recorded on global conventional financial markets, the Islamic financial industry remains fraught with diversity and heterogeneity, says Moody’s Investors Service in its special report entitled “Islamic Banks and Sukuk: Growing Fast, but Still Fragmented”. In Moody’s opinion, the lack of technical and contractual standardisation impedes the capacity of Islamic finance, as an alternative financing and investment model, to enhance its globalisation process, without necessarily forbidding its internationalisation. Read: Gulfnews