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Challenges facing Islamic finance

6 December 2012 Last updated at 02:01 GMT

The Islamic finance industry is slowly starting to rival conventional banking in predominantly Muslim countries.

The industry is estimated to be worth $1.3 trillion (£800bn; 618bn euros), and is growing at a rate of between 15% and 20% per year.

However, it is facing challenges, including a lack of standardisation of rules, in garnering global appeal.

The BBC's Sharanjit Leyl asked Ahmad Fuzi Abdul Razak, secretary general of the World Islamic Economic Forum Foundation, what needs to be done to overcome these hurdles.