Question: The Islamic financial system has evolved into a viable and vibrant component of the overall financial system, complementing the conventional financial system. The system encompasses

The Islamic financial system has evolved into a viable and vibrant component of the overall financial system, complementing the conventional financial system. The system encompasses the Islamic banking system, Islamic money market, Islamic insurance or takaful, Islamic capital market and the specialized financial institutions which provide alternative sources of financing. Evaluate the requisite for a successful Islamic financial system. (25 marks)

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