New product development is the requirement of all the organizations existing today. But keeping in view the fluctuating economic and business cycles the fact is worth admitting that the financial institutions need to play there due role in developing new products so that the communities can be equally and positively benefitted out of those newly developed projects and products.
The traditional banking theory has a very candid approach towards lending money to the people in order to facilitate them through the time of need. The basic reason why critics and banks show resistance in following Islamic banking is that they find it time-consuming and extensive. But the reality might be vice versa because there are still many scholars and leaders that believe in the pure Islamic banking system. This contradiction will last until the work of the researchers is duly compared to reach the final solution.
Islamic banking on the other hand needs effective personals that can effectively pursue the significance of Islamic studies in a way that it catalyzes the process of aiding people at the time of recession and financial constraints. But this has to be done keeping in view the prescribed limits of the Islamic teachings. One cannot directly jump to the conclusion that Islamic banking is conservative but the fact needs to be drawn in an organized and systematic manner, which is by evaluating Islamic banking against that of conventional banking. And the system that suits the organization of a particular community should be adapted. But the Gulf Cooperative Countries have to be the key players in the settlement of Islamic banking. Because the Muslims, themselves will abandon their guidelines, then there is no way these guidelines will prove effective to the rest of the communities.
Hence by deploying an intermediary form of conventional and Islamic banking the target market can be adequately served. The intermediation of banking systems and products is likely to bring about the acceptance of Islamic banking to some extent among the communities and the economies.
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