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Islamic banking must gain global acceptance, says expert

Islamic banking must gain acceptance from Muslims and non-Muslims, according to the managing director of Hong Leong Islamic Bank.

Daud Vicary Abdullah told Malaysian news agency Bernama that the industry had to begin offering products which were not only attractive to Muslims but also those outside of the religion by listening to the needs of their customers.

He said that Islamic banking products were already becoming popular amongst non-Muslims, and he called on financial service providers to compare themselves to other players within the globalised market place.

"Islamic banking and finance are increasingly becoming an attractive form of financial intermediation among the Muslim and a growing number of non-Muslim," he said.

"But, to continuously meet the demand, mostly from the non-Muslim, it is important for the Islamic financial world to bring customer oriented products by listening to their needs," adding that non-Muslims were "more interested" in receiving a good service as well as a value proposition.

He said that there was "always room for more improvement in the products and delivery of services" within the sector.