One of the main challenges faced by the Islamic finance industry is the harmonization of legal and regulatory frameworks and monetary policies. Islamic financing is also flourishing under different Shariah injunctions. Islamic finance is criticized for heavily relying on debt-like instruments, such as fixed income instruments, while, in an aspirational sense, the industry is expected to develop and utilize equity-based instruments to fulfill substance-related expectations. Therefore, promoting equity finance is important to deliver Islamic finance’s promise of establishing a better link between the real economy and the financial sector and ensuring stability alongside risk-sharing and profit-sharing principles.