How far has the Islamic finance industry come in the move towards asset-backed securitization, and what steps should be taken to promote it further? There may be more challenges than opportunities in securitization: risk aversion, fractionalized markets, lackluster growth. Yet the underlying return potential of some securitized transactions suggests than there can eventually be a lively secondary market in such instruments.   Across the major markets, securitization works because you have a broad hinterland. Most Islamic issuers operate outside this....