Correcting the misconceptions of Islamic banking

When many people think of Islamic banking, they picture an outdated system of finance unsuited to the modern era and tarnished by accusations of terrorist funding. This image, that is far from the truth, is not the result of a clash of cultures but merely a lack of communication about a sector that has the vast potential to provide tailor-made and modern solutions in an increasingly customer-oriented world. Islamic banking has long been overshadowed by conventional banking and finance and deemed a second-rate way of managing funds that merely caters to one segment of the population, who wish to fully observe their Muslim religion. Such a downplayed image, however, hides the fact that Islamic banks have a vast ability to serve customers and meet many of their needs that remain unanswered by other financial institutions. Yet, before Islamic banks can take on these challenges they must work to change the