Benefits and Challenges of Shariah Convergence: Educators' Opinion in Bahrain

Abstract

The purpose of the paper is to identify benefits and challenges of Shariah convergence. The paper uses library/literature based method which is a kind of qualitative research approach. In addition, structured interview were conducted with 3 Shariah scholars asking their opinions about the benefits and challenges of Shariah convergence. The paper finds that there are many benefits of Shar ah convergence. Those benefits can boost the development of Islamic financial industry into a higher phase if they are materialized. However, to realize those benefits there are several challenges that need to be overcome. This paper is expected to bring the at ention of Islamic finance stakeholders towards the issue for further actions.