Product development in Islamic finance and banking in secular economies
Journal of Islamic Accounting and Business Research
ISSN: 1759-0817
Article publication date: 19 March 2020
Issue publication date: 31 August 2020
Abstract
Purpose
As the global paradigm in economics shifts, Islamic economics is attracting more attention as an alternative sector. The most common and most active institutional structure of Islamic economics is in the form of Islamic finance and banking. Islamic finance and banking have been the centre of innovation in many economies in recent years. In this regard, product development is a vital element in driving the success of Islamic financial institutions (IFIs). The product development of IFIs is one of the key elements of their overall economic performance. This study aims to fill the gap in the literature concerning the product development process of IFIs in secular economies.
Design/methodology/approach
Verily, product development is a complex process; it is likely that introducing specific models will be useful for expanding the activities of IFIs. In this study, contemporary source materials are used to develop this conceptual research.
Findings
It suggests two separate methodologies for the product development process of IFIs in secular economies to overhaul two criticised product-based problems. To the best of the author’s knowledge, it is the first attempt to model the product development process for IFIs in a secular economic setup.
Originality/value
Recently, this study is the first attempt for modelling product development in IFIs under secular economies. Advances in the field of Shari’ah-compliant product development is important for researchers and professional.
Keywords
Acknowledgements
This paper has benefited from the useful comments and suggestions provided by the participants at the 26th IPDMC Innovation and Product Development Management Conference held in Leicester, UK.
Citation
Dinc, Y. (2020), "Product development in Islamic finance and banking in secular economies", Journal of Islamic Accounting and Business Research, Vol. 11 No. 9, pp. 1665-1676. https://doi.org/10.1108/JIABR-06-2019-0106
Publisher
:Emerald Publishing Limited
Copyright © 2020, Emerald Publishing Limited