Consensus still sought on important issues

Islamic financial institutions have not been able to attract a majority of potential deposits in Muslim countries--conventional banks pull in the bulk of the business. Nonetheless, Islamic institutions hold a sizable $50bn - $80bn in deposits. A problem in Islamic finance is that religious-minded investors drawn to such institutions often lack the risk-taking will essential to financial growth. The author's principal assertion is that there is a need for universal agreement of Shari'ah boards (or some centralization of Shari'ah decisions) on what is and what is not Islamically permissible. Without such movement towards standardization, the field of Islamic finance will not be able to grow to its optimum.