Financing a project by the Islamic muamalat is a new approach in the new era of economic and industrial development. For the reason Islamic banks, which are already involved in transactions based on muamalat, have the potential in developing new project financing instruments yet unknown in the conventional banking system. These novel muamalat based instruments will not only be profitable to the financiers but the depositors as well in the long run. However, such a development needs a new paradigm orientation among the Islamic bankers as well as other sectors as the legal system, sharia advisors, investors and depositors.