Rõ ràng, tiền thuê sẽ tiếp tục trở thành hạn và gia hạn của kế hoạch thanh toán Ijarah không nên là cần thiết. Tuy nhiên, các cố vấn Shar ah ¯ 'nên được tham gia và có thể quyết định, trên thành tích, cho dù tôi khách hàng có thể được bất kỳ thư giãn hay không. | 358 Understanding Islamic Finance PRODUCT DEVELOPMENT Product development means creating business suggesting means to it keeping in mind the realities and business prospects for the future. Product development with reference to Islamic finance refers to the process of developing assets through innovation and research in the form of products and services to cater to the customers demands in the most suitable way within the parameters of SharUah and the governing regulatory and legal boundaries. It also includes re-engineering of existing products in accordance with Islamic economic principles and the changing requirements of businesses. It helps banks to create more business opportunities and provides a competitive advantage over other market players. Effective product development creates synergy between the customers and the bank and thus assists the bank in better understanding the needs of its customers. A satisfied customer is often a repeat customer and tends to enhance the credibility of the bank. Procedure for Product Development Product development requires assessment of need generation of ideas discussion with the SharUah advisor board for deciding detailed procedures for the operation and implementation of the product development of the procedures preparation of an operational manual for guidance of staff members and the final approval by the Shari ah department of the bank. All possible risks have to be carefully analysed and risk mitigants devised to manage the risks. The Risk Management Division should also be involved to take into account the operational asset-related and credit risks accounting taxation regulatory and legal issues at the stage of product development. Deciding factors in this regard are market survey Shan ah compliance in terms of mode nature of assets involved process and documentation risk profile of depositors cash flow of clients on the assets side risk mitigation measures legal matters and managing mismatch - liquidity
