The new ratings agency would be needed to give the Islamic banks standards, like other conventional international firms, that show investors their reliability. The setting up of the agency will be completed by the end of this year and should be operational by the beginning of next year. A total of seventeen different modes of financing are currently in use by Islamic banks in the Gulf countries and elsewhere, indicating a very diverse variety of products. Much of the product innovation is being driven by newer Islamic banks, which are providing new solutions. Many major western corporations currently embrace Islamic trade financing techniques in their business with the Muslim world.
Islamic banks face a difficult future as business is transforming to the world of e-commerce.
However, since Internet technology requires substantial financial resources, Dr. Azzam encouraged Arab banks to consolidate and merge, to create entities of appropriate strength. The BIBF has a very significant presence in Islamic banking training and development and has conducted many training programs in the GCC and Sudan amongst other Muslim countries. This new service brings together a range of Islamic investment funds in a single site. IslamiQ offers access to and analyses of 18 Islamic-structured funds, with more funds are expected to join the site this quarter. In October, Bahrain-based Gulf Finance House, an Islamic investment established in October 1999, announced that it is close to launching the first virtual Islamic bank.