The issue of Islamic finance complexity is a common theme of criticism of Islamic finance from people who view the industry as creating nothing of value beyond what the conventional industry can provide. After proposing a "back to basics" approach, I have been working through how the industry is designed or imagined to work and the products that are actually offered to try and ascertain where the industry is satisfying legitimate financial needs of consumers and where it is developing products that suit its own profitability. I will update this post as an index to the other posts where I look at specific items (in chronological order, with the most recent posts at the bottom of the list).
Can Islamic finance return to the basics?
Overview of the thought experiment (Part I)
How should Islamic financial institutions develop products (Part Ia)
Islamic financial product disclosure (Part Ib)
Islamic banks - depositors (Part IIa)
Islamic banks - deposit accounts (Part IIb)
Islamic banks - deposit insurance (Part IIc)
Islamic banks - deposit products (Part IId)
Islamic banks - composition of banks' liabilities (Part IIe)
Islamic banks - empirical evidence on deposit rates (Part IIf)
Islamic banks - cash holdings (Part IIg)
Islamic banks - profit-sharing investment accounts (PSIA) and capital requirements (Part IIh)