Financial modernization in 21st century and challenge for Islamic banking

Due to factors such as chancing client needs, new technologies, and regulatory reforms, the banking industry is changing rapidly. Regulatory reforms in financial modernization have triggered new industry dynamics, changing the environment yet again. The 1993 repeal of the Glass-Steagall act has been harmful to the Islamic banking industry. Larger, conventional banks are now offering products that compete more directly with Islamic banking products. Banking institutions deserve to have the flexibility to conduct any genuine financial activity in any genuine way.