These institutions have often been lauded and, at times, criticized in the context of their usefulness (or lack of it) in the economic upliftment of people of smaller means. But the point which has often been missed out is their very profound contribution to the democratization of social behaviour in general and the democratization of economic behaviour in particular.
This can happen only if key messages and principles of Islamic finance are flexibly, constructively and innovatively interpreted, its conceptual framework further developed, nurtured and translated effectively into practical applications, and work is launched to better develop interface and linkages between Islamic and conventional finance and unleash the synergies to advantage of global financial development. Drivers for enhancing efficiency and competitiveness 4.