Does the Islamic financial system design matter?

Aims to consider the empirical works on Islamic financial design in the light of room for improvements.

Looks at the many aspects of the Islamic financial system and suggests some prudent and sound regulatory frameworks which are deemed necessary.

Finds that the more services that can be offered by the financial intermediaries, the greater the chances of producing more specialized financial services and diversification of financial institutions.

Paves the way for future scholars to examine the systems from the angle of efficiency, effectiveness, rules and regulations, and the present lack of a recognized legal and accounting system.