In order to be effective, information systems that cater for the Islamic banks ought to be backed by a suitable ontology of the industry. The ontology will be useful for consumers' decision making and also to facilitate the financial engineering in the context of Islamic banking. However, the peculiarities of the Islamic banking businesses demand several domain characteristics and ontology development criteria to be taken into account. The characteristics relate to the business model, diverse roles, distinct concepts and representation rules of the Islamic banking industry. The specific characteristics are distinct to the Islamic banking domain, while the general characteristics are those that also apply to other domains. The development criteria prescribe the generally accepted qualities of the developed ontology. The information shared in this paper is the basis for our future work on the design of Islamic banking product information system.
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