Other challenges for this secular country include the integration, the merging of this novel way of doing business within our present conventional financial landscape as a seamless addition so that it is perceived as just another financial product. There is also the challenge of attaining full regulatory and Shariah compliance simultaneously.
There is also the wider or meta-challenge for all Islamic financial industry stakeholders to mainstream the industry with conventional finance systems. The present global financial delinquency constitutes an opportunity for the more ethical, risk-sharing, approach of Islamic finance. But it is early days yet for us in Mauritius to join that debate!