The long-term prospects for takaful Islamic insurance are good, given its focus on populations that are currently underinsured. But intense competition is squeezing profit margins in the short term. Writer James Gavin

Growing demand: two women open sharia bank accounts at Bank Negara Indonesia

Leading Islamic retail banks are developing increasingly sophisticated systems to maintain sharia compliance in an evolving market. Writer Philip Alexander

Majid Al-Refai, CEO of sharia-compliant Bahrain-based Unicorn Investment Bank

After a turbulent year bookended by the near default on a large Dubai sukuk, the Middle East's Islamic banking community is taking stock. Writer James Gavin

Despite Malaysia's reticence in establishing itself as a globally recognised financial centre, it is now moving forward fast. Bank Negara Malaysia governor Dr Zeti Akhtar Aziz discusses the role of Islamic finance products in the country's push. Writer Silvia Pavoni

Yunus Nacar, CEO of Türkiye Finans

Turkey's Islamic participation banks are becoming more ambitious, but are still looking for a model that competes more effectively with the conventional market. Writer James Gavin

The regulatory authorities of Islamic finance have been working to bring greater clarity to the relatively young sukuk asset class, but the market will need time to digest the implications. Writer Philip Alexander

Issuer defaults and high exposure to falling Gulf real estate markets have cast doubt over the stability of Islamic capital markets, but a difficult year could help create a more established asset class in the future. Writer Philip Alexander