Chapter 8 first looks at what Islamic finance does for a country’s economic development. Next, its claim of being fundamentally different from conventional finance and on an altogether higher ethical level is critically assessed. Related to this issue, we focus on areas where Islamic finance has some catching up to do. The chapter winds up with some musings on the directions Islamic finance might take. All the time, it must be kept in mind that judgements can only be of a tentative character, as Islamic banking and finance is a work in progress, even if it is by now an established fixture in the financial landscape.
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