Awareness Levels and Confidence Remain Key Impediments to the Growth of Islamic Finance: Fitch Rating
February 09, 2021 | Updated at February 16, 2021
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Email Fitch Ratings (Fitch) cited that limited public awareness and lack of confidence in Shariah-compliance aspects of Islamic financial solutions are two of the main challenges facing the industry. In a statement released on the 8th of February 2021, Fitch acknowledged that this is particularly relevant where the industry has a niche presence in the market.
Why it Matters:
The level of awareness and confidence varies across jurisdictions. Fitch categorises these jurisdictions based on the level of awareness, penetration, confidence, as well as the development of the regulatory environment for Islamic financial services. Various initiatives have been identified by Fitch to address these challenges across different markets.
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