Scope: Islamic product development involves designing financial products that meet the diverse needs of customers while complying with Shariah principles.

Process: Islamic finance professionals work with Shariah scholars to structure products such as savings accounts, investment funds, and financing options. These products must avoid prohibited elements like interest, speculation, and excessive uncertainty.

Challenges: Creating competitive and attractive products while ensuring full compliance with Islamic law and addressing market needs is challenging. Product innovation can also be limited by Shariah restrictions on certain investment types.

Examples: Products like Murabaha (cost-plus sales contracts) for home financing, Musharakah-based (partnership-based) investment funds, and Takaful (Islamic insurance) are popular Shariah-compliant products offered by many banks worldwide.