The aim of the current paper is to provide a comprehensive overview of the current state of research in Islamic finance, focusing on three key areas: Islamic banking, Islamic fund management and Islamic risk management. A descriptive analysis was conducted to examine the regulatory issues, with conventional finance serving as a point of reference. The findings of this study indicate that there is a pressing need for significant improvements to the regulatory frameworks of most Islamic banks in order to enhance their competitiveness and alignment with global financial standards. Furthermore, the requisite enhancements should encompass the integration of advanced technologies, the promotion of risk-sharing principles, and an emphasis on ethical practices, thereby reinforcing market integrity. The study anticipates future directions, suggesting potential improvements in the regulatory framework and innovative financing mechanisms. These organizational perspectives are essential to understanding how institutions are adapting to funding challenges, regulatory reforms and emerging financial risks. The findings of this study provide valuable insights for policymakers and industry practitioners navigating the dynamic landscape of Islamic banking, ultimately contributing to the sustainable growth and development of the sector.