Have GCC Islamic banking and financial services failed to innovate?

Al Arabiya

Have Islamic banking and financial services innovated at the speed they were expected to? Rushdi Siddiqui, mentor at Quest Ventures was invited to comment.

“There are industry insiders who have been making similar arguments for a long time now. Rushdi Siddiqui, who is now Advisor at Wall Street Blockchain Alliance and Mentor at VC firm Quest Ventures, and is an industry veteran, says Islamic finance is deeply linked to oil/commodity prices and hence remains as volatile as price per barrel of oil.

“When oil is $80/barrel, surpluses exist, infrastructure projects are many, banks are lending to SMEs, and non-Muslim countries want part of the petro-liquidity. Conversely, when the price bandwidth is $35-50/barrel, there is a lot of pain for governments, SMEs, banks, and consumerism,” Siddiqui wrote as early as late last year.”

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