Product Development in Islamic Financial Institutions (IFIS): An Extensive Literature Review

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Literature review examines product development in Islamic financial institutions, suggesting collaboration is essential for innovation.

The study identifies the need for a comprehensive approach in product development within Islamic financial institutions.
Limited indicators affect the assessment of how well maqasid al sharia principles are fulfilled during product development.
The review emphasizes the importance of collaboration among global actors in the Islamic economy to foster product innovation.
The development process often imitates conventional financial products while attempting to adhere to Islamic law.

Adawiyah et al. (2025) studied this question.

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