Development of Islamic Finance and its Major Issues

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The research used stratification unintentional questionnaire survey in the selected four Southeast Asian countries where Islamic Banking is operating about the degree of use and motivation for using Islamic Banking for both individual and small and medium sized enterprises. From the analysis it is found that 1. Religious motive has been the factor of consumer preference for choosing Islamic Banking for the Muslims. 2. whereas economic motives including the allotment are often found significant factors for the non-Muslims to choose Islamic Banking. Thus, Islamic Banking has grown strong competitive advantages over the conventional banking. 3. The survey towards enterprises showed that they are evaluating the positive role in SME development.