Human resource for Sharia'h compliance: 
Users of Islamic financial services assign primary importance to Sharia'h compliance of the services they use. It is understandable that Sharia'h noncompliance entails a serious operational risk and can result in withdrawal of funds from and instability of an Islamic bank, irrespective of its initial financial soundness. Sharia'h compliance is hence a serious matter for an Islamic bank, in addition to its compliance with other regulatory requirements.
Unresolved Fiqh Issues:
Lack of standard financial contracts and products can be a cause of ambiguity and a source of dispute and cost. In addition, without a common understanding of certain basic foundations, further development of banking products is hindered.
Legal framework:
An appropriate legal, institutional and tax framework is a basic requirement for establishing sound financial institutions and markets. Islamic jurisprudence offers its own framework for the implementation of commercial and financial contracts and transactions.
Nevertheless, commercial, banking and company laws appropriate for the enforcement of Islamic banking and financial contracts do not exist in many countries.
Excess Liquidity:
Islamic banks have over 60 % excess liquid funds which cannot be properly utilized due to non-availability of Sharia'h Compliant products and
instruments.
The competitiveness and soundness of financial institutions depend on the availability of efficient financial products. Islamic banks urgently need Sharia'h compliant products to meet a number of pressing needs.
Technology:
Designing technological solutions around a concept requires extensive knowledge of the domain. Conventional banking today is technologically advanced; however, for crafting Islamic financial solutions, considerable time and expertise are required.
Users of Islamic financial services assign primary importance to Sharia'h compliance of the services they use. It is understandable that Sharia'h noncompliance entails a serious operational risk and can result in withdrawal of funds from and instability of an Islamic bank, irrespective of its initial financial soundness. Sharia'h compliance is hence a serious matter for an Islamic bank, in addition to its compliance with other regulatory requirements.
Unresolved Fiqh Issues:
Lack of standard financial contracts and products can be a cause of ambiguity and a source of dispute and cost. In addition, without a common understanding of certain basic foundations, further development of banking products is hindered.
Legal framework:
An appropriate legal, institutional and tax framework is a basic requirement for establishing sound financial institutions and markets. Islamic jurisprudence offers its own framework for the implementation of commercial and financial contracts and transactions.
Nevertheless, commercial, banking and company laws appropriate for the enforcement of Islamic banking and financial contracts do not exist in many countries.
Excess Liquidity:
Islamic banks have over 60 % excess liquid funds which cannot be properly utilized due to non-availability of Sharia'h Compliant products and
instruments.The competitiveness and soundness of financial institutions depend on the availability of efficient financial products. Islamic banks urgently need Sharia'h compliant products to meet a number of pressing needs.
Technology:
Designing technological solutions around a concept requires extensive knowledge of the domain. Conventional banking today is technologically advanced; however, for crafting Islamic financial solutions, considerable time and expertise are required.
Islamic Banking — Possible Solutions:
>Establishment of Shari'ah Governance Systems
>Settling unresolved Fiqh Issues
>A sufficient number of well-trained, competent, high-caliber Islamic finance professionals and management teams with the required expertise
>Well-informed individual and corporate consumers, knowledgeable about Islamic banking and takaful
>The availability of Sharia'h compliant products (Sharia'h Compliant Stocks, Sukuks, etc.)
>Development of a Legal, Regulatory, and Institutional Framework complying with Sharia'h
>Advanced technology solutions designed to support Islamic Finance
>Establishment of Shari'ah Governance Systems
>Settling unresolved Fiqh Issues
>A sufficient number of well-trained, competent, high-caliber Islamic finance professionals and management teams with the required expertise
>Well-informed individual and corporate consumers, knowledgeable about Islamic banking and takaful
>The availability of Sharia'h compliant products (Sharia'h Compliant Stocks, Sukuks, etc.)
>Development of a Legal, Regulatory, and Institutional Framework complying with Sharia'h
>Advanced technology solutions designed to support Islamic Finance
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