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banking industry</title> <meta name="description" content="Search results for: islamic banking industry"> <meta name="keywords" content="islamic banking industry"> <meta name="viewport" content="width=device-width, initial-scale=1, minimum-scale=1, maximum-scale=1, user-scalable=no"> <meta charset="utf-8"> <link href="https://cdn.waset.org/favicon.ico" type="image/x-icon" rel="shortcut icon"> <link href="https://cdn.waset.org/static/plugins/bootstrap-4.2.1/css/bootstrap.min.css" rel="stylesheet"> <link href="https://cdn.waset.org/static/plugins/fontawesome/css/all.min.css" rel="stylesheet"> <link href="https://cdn.waset.org/static/css/site.css?v=150220211555" rel="stylesheet"> </head> <body> <header> <div class="container"> <nav class="navbar navbar-expand-lg navbar-light"> <a class="navbar-brand" href="https://waset.org"> <img src="https://cdn.waset.org/static/images/wasetc.png" alt="Open Science Research Excellence" title="Open Science Research Excellence" /> </a> <button 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action="https://publications.waset.org/abstracts/search"> <div id="custom-search-input"> <div class="input-group"> <i class="fas fa-search"></i> <input type="text" class="search-query" name="q" placeholder="Author, Title, Abstract, Keywords" value="islamic banking industry"> <input type="submit" class="btn_search" value="Search"> </div> </div> </form> </div> </div> <div class="row mt-3"> <div class="col-sm-3"> <div class="card"> <div class="card-body"><strong>Commenced</strong> in January 2007</div> </div> </div> <div class="col-sm-3"> <div class="card"> <div class="card-body"><strong>Frequency:</strong> Monthly</div> </div> </div> <div class="col-sm-3"> <div class="card"> <div class="card-body"><strong>Edition:</strong> International</div> </div> </div> <div class="col-sm-3"> <div class="card"> <div class="card-body"><strong>Paper Count:</strong> 6328</div> </div> </div> </div> <h1 class="mt-3 mb-3 text-center" style="font-size:1.6rem;">Search results for: islamic banking industry</h1> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">6328</span> Islamic Finance: Challenges of Islamic Banking in Pakistan</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Asif%20Zaheer%20Shaikh">Asif Zaheer Shaikh</a>, <a href="https://publications.waset.org/abstracts/search?q=Zhaoyong%20Zhang"> Zhaoyong Zhang</a>, <a href="https://publications.waset.org/abstracts/search?q=Jaime%20Yong"> Jaime Yong</a>, <a href="https://publications.waset.org/abstracts/search?q=Ume%20Laila%20Shah"> Ume Laila Shah</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Islamic finance is growing with remarkable pace, especially Islamic banking, a major segment of Islamic finance, is expanding rapidly. This paper discusses the position of Islamic finance and Islamic banking, around the world in general and particularly in Pakistan. History of Islamic banking in Pakistan is protested, presently a significant growth is observed. However Islamic banking is confronting with number of challenges, which are refraining from sustainable growth of this industry in Pakistan. Growth level of Islamic banks should be steeper to contribute substantial share in country’s economy. It is important to formulate effective policies, at institutional and operational level to address these challenges through close collaboration of key stakeholders. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=Islamic%20finance" title="Islamic finance">Islamic finance</a>, <a href="https://publications.waset.org/abstracts/search?q=challenges" title=" challenges"> challenges</a>, <a href="https://publications.waset.org/abstracts/search?q=Islamic%20banking" title=" Islamic banking"> Islamic banking</a>, <a href="https://publications.waset.org/abstracts/search?q=Pakistan" title=" Pakistan"> Pakistan</a> </p> <a href="https://publications.waset.org/abstracts/68295/islamic-finance-challenges-of-islamic-banking-in-pakistan" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/68295.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">535</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">6327</span> Islamic Banking in Ghana: Prospects and Challenges</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Shaibu%20%20Ali">Shaibu Ali</a>, <a href="https://publications.waset.org/abstracts/search?q=Sherif%20%20Heiman%20Shaban"> Sherif Heiman Shaban</a>, <a href="https://publications.waset.org/abstracts/search?q=Musah%20%20Ismaila"> Musah Ismaila</a>, <a href="https://publications.waset.org/abstracts/search?q=Imoro%20%20Alhassan"> Imoro Alhassan</a>, <a href="https://publications.waset.org/abstracts/search?q=Yusif%20%20Ali"> Yusif Ali</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Purpose: Islamic banking and finance is one of the most rapidly growing segments of the global finance industry. Starting with the Dubai Islamic Bank in 1975, the number of Islamic financial institutions worldwide has shot up astronomically, to over three hundred, with operations in seventy-five countries and assets in excess of US$400 billion. The purpose of this study is to explore the prospects and challenges of Islamic banking introduction in a non-Islamic country like Ghana. Design/Methodology: Data for the study was collected via an expert opinion of three Islamic scholars on Islamic banking from Ghana. Findings: Findings from this study indicates some of the benefits of Islamic banking includes connecting financial markets and economic activity, promoting the principle of financial justice, greater stability, avoiding economic bubbles (and bursts) and reducing the impact of harmful products and practices. The study also identified lack of experts in various fields of Islamic banking, product innovation, moral hazard, and need for experienced staff in Islamic banking as some of the challenges to Islamic banking system’s introduction. Contribution: The study contributes to literature on Islamic banking from a non-Islamic country like Ghana. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=Islamic%20banking" title="Islamic banking">Islamic banking</a>, <a href="https://publications.waset.org/abstracts/search?q=Shari%E2%80%99ah" title=" Shari’ah"> Shari’ah</a>, <a href="https://publications.waset.org/abstracts/search?q=Riba" title=" Riba"> Riba</a>, <a href="https://publications.waset.org/abstracts/search?q=conventional%20banking" title=" conventional banking"> conventional banking</a> </p> <a href="https://publications.waset.org/abstracts/129479/islamic-banking-in-ghana-prospects-and-challenges" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/129479.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">177</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">6326</span> Survival of Islamic Banking Services in Tanzania: A Quick Survey on Conflicting Legal Framework</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Ayoub%20Ali%20Maulana">Ayoub Ali Maulana</a> </p> <p class="card-text"><strong>Abstract:</strong></p> “The success and sustainability of an Islamic finance system depends on the ability to establish a comprehensive legal and regulatory framework that supports synergy amongst the components in the system”. Numbers of banks have introduced Islamic banking windows claiming that their products follow Islamic banking values without any compromise. National Bank of Commerce Limited, Stanbic Bank Limited, Kenya Commercial Bank, The Peoples Bank of Zanzibar and Amana Bank Limited are some of the banks which offer Islamic banking products in Tanzania. To date, there is no single provision in Tanzanian laws that speak of Islamic banking activities in the country. Despite the fact that consultancy commissioned to International Monetary Fund (IMF) to research on the best laws to govern Islamic banking industry in the country, the speed is not encouraging in making sure that the same is introduced as soon as possible. This paper highlights the trend of the banking services in Tanzania and examines the application of Islamic banking system in the Tanzanian conventional banking environment. In particular the paper considers whether the Islamic banking services in Tanzania can survive without an appropriate legal framework that accommodates it. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=islamic%20banks" title="islamic banks">islamic banks</a>, <a href="https://publications.waset.org/abstracts/search?q=interest" title=" interest"> interest</a>, <a href="https://publications.waset.org/abstracts/search?q=islamic%20windows" title=" islamic windows"> islamic windows</a>, <a href="https://publications.waset.org/abstracts/search?q=Tanzania" title=" Tanzania"> Tanzania</a> </p> <a href="https://publications.waset.org/abstracts/31769/survival-of-islamic-banking-services-in-tanzania-a-quick-survey-on-conflicting-legal-framework" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/31769.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">348</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">6325</span> Islamic Banks and the Most Important Contemporary Challenges </h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Mahmood%20Mohammed%20Abdulsattar%20Aljumaili">Mahmood Mohammed Abdulsattar Aljumaili</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Praise be to Allah and peace and blessings be upon the Messenger of Allah. Islamic banks have not only made a lot of great achievements in a short period, but they imposed themselves in the global market, not to mention the transformation of some conventional interest-based banks to Islamic banks to the large demand on them, this transformation has pushed the Dow Jones Global Foundation to develop a new economic indicator released it (the Dow Jones Islamic market) for those who wish to invest in Islamic financial institutions. The success of Islamic financial institutions today face significant and serious challenges, that embody the serious consequences created by the current events on Islamic banking industry. This modest study, deals with these serious challenges facing the Islamic banking industry, and reflected on the success recorded in the previous period. The study deals with four main topics: The emergence of Islamic banks, the goals of Islamic banks, International challenges facing Islamic banks, internal challenges facing Islamic banks, and finally it touches on, (Basel 1-2) Agreement and its implications for Islamic banks. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=Islamic%20banks" title="Islamic banks">Islamic banks</a>, <a href="https://publications.waset.org/abstracts/search?q=Basel%201-2%20agreement" title=" Basel 1-2 agreement"> Basel 1-2 agreement</a>, <a href="https://publications.waset.org/abstracts/search?q=most%20important%20contemporary%20challenges" title=" most important contemporary challenges"> most important contemporary challenges</a>, <a href="https://publications.waset.org/abstracts/search?q=islamic%20banking%20industry" title=" islamic banking industry"> islamic banking industry</a>, <a href="https://publications.waset.org/abstracts/search?q=Dow%20Jones%20Islamic%20market" title=" Dow Jones Islamic market "> Dow Jones Islamic market </a> </p> <a href="https://publications.waset.org/abstracts/18872/islamic-banks-and-the-most-important-contemporary-challenges" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/18872.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">500</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">6324</span> Implementation of 'Bay Al-Salam' in Agricultural Banking of Bangladesh: An Islamic Banking Perspective</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=M.%20Obydul%20Haque%20Kamaly">M. Obydul Haque Kamaly</a> </p> <p class="card-text"><strong>Abstract:</strong></p> This paper aims to provide a brief discussion on bay al-salam as a method of implementing Islamic Banking in the agricultural arena of Bangladesh. For this purpose, the nature and conditions of bay al-salam contracts will be first discussed. Next, the paper will focus on the comparison between conventional banks and Islamic banks and should answer how bay al-salam can be used as a popular method in agricultural transactions in the country. The paper is based on secondary data which is to describe bay al-salam as future proceedings for Islamic banking. Evidence suggests Islamic banking is very much practiced like modern conventional banking with certain restrictions imposed by Sharia and addresses a large number of business requirements successfully. Thus, it’s time for us to implement Islamic banking (bay al-salam) on our agricultural arena and to get most benefits from them. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=bay%20al-salam" title="bay al-salam">bay al-salam</a>, <a href="https://publications.waset.org/abstracts/search?q=agricultural%20banking" title=" agricultural banking"> agricultural banking</a>, <a href="https://publications.waset.org/abstracts/search?q=Islamic%20banking" title=" Islamic banking"> Islamic banking</a>, <a href="https://publications.waset.org/abstracts/search?q=implementation" title=" implementation"> implementation</a> </p> <a href="https://publications.waset.org/abstracts/76421/implementation-of-bay-al-salam-in-agricultural-banking-of-bangladesh-an-islamic-banking-perspective" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/76421.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">263</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">6323</span> The Tense Dichotomy Between Shari'ah Compliance and the Goals of an Economic Bank</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Camille%20Paldi">Camille Paldi</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The tense dichotomy between Shari’ah compliance and the economic goals of an Islamic Bank produces a proliferation of reverse engineered products, which are barely in compliance with Islamic law. The result is basically a hybrid conventional banking system with conventional products in Islamic disguise using Arabic and Islamic terminology. Many Islamic financial professionals and academics advocate for the use of conventional products and devices despite their non-Shari’ah compliance based on commercial necessity and the need to compete. However, this dangerous trend will lead to the demise of the Islamic finance industry. Rather than thoughtlessly following conventional products and practice, Islamic finance professionals should delve into the Shari’ah to find the answers to the current Islamic banking conundrum and lead the industry on the right path of developing Shari’ah based products and using Shari’ah devices to hedge risk. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=Islamic%20banking" title="Islamic banking">Islamic banking</a>, <a href="https://publications.waset.org/abstracts/search?q=Shari%27ah" title=" Shari'ah"> Shari'ah</a>, <a href="https://publications.waset.org/abstracts/search?q=finance" title=" finance"> finance</a>, <a href="https://publications.waset.org/abstracts/search?q=investment" title=" investment"> investment</a> </p> <a href="https://publications.waset.org/abstracts/7005/the-tense-dichotomy-between-shariah-compliance-and-the-goals-of-an-economic-bank" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/7005.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">347</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">6322</span> Wave of Islamic Fintech: Revolutionizing Malaysia's Islamic Banking and Finance Regulatory Landscape</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Ho%20Wen%20Hui">Ho Wen Hui</a>, <a href="https://publications.waset.org/abstracts/search?q=Azwina%20Wati%20Abdull%20Manaf"> Azwina Wati Abdull Manaf</a>, <a href="https://publications.waset.org/abstracts/search?q=Asfarina%20Kartika%20Mohd%20Shakri"> Asfarina Kartika Mohd Shakri</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The global trend of Fintech had taken the Malaysian shore by storm in recent years, thus making the studies and observations of its impacts more critical than ever. Additionally, Fintech has grown to become an unavoidable subject in the Islamic Banking and Finance (IBF) industry. In relation to that, this paper seeks to analyze the development of Fintech parallel with the IBF industry and its connection to Islamic economics. While the scarcity of studies on this area is apparent, it is found that there is a need to regulate the development of the Fintech Industry and its effects while analyzing the ramifications and positive effects of Fintech towards parties involved in IBF industry. This paper objectively studies the phenomenon of Islamic Fintech around the world as a whole as well as more specifically in Malaysia. The paper will then explore on the existing regulatory instruments in Malaysia, study their boundaries as well as limitations and contribute on possible reform to regulate Islamic Fintech in this jurisdiction. It is aimed that this paper will prompt and encourage more thorough studies to be conducted on the topic of Fintech which would subsequently contribute to a positive growth of the IBF industry worldwide. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=financial%20technology" title="financial technology">financial technology</a>, <a href="https://publications.waset.org/abstracts/search?q=FinTech" title=" FinTech"> FinTech</a>, <a href="https://publications.waset.org/abstracts/search?q=Islamic%20banking%20%26%20finance" title=" Islamic banking & finance"> Islamic banking & finance</a>, <a href="https://publications.waset.org/abstracts/search?q=regulation" title=" regulation"> regulation</a> </p> <a href="https://publications.waset.org/abstracts/84280/wave-of-islamic-fintech-revolutionizing-malaysias-islamic-banking-and-finance-regulatory-landscape" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/84280.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">228</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">6321</span> Realizing the Full Potential of Islamic Banking System: Proposed Suitable Legal Framework for Islamic Banking System in Tanzania</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Maulana%20Ayoub%20Ali">Maulana Ayoub Ali</a>, <a href="https://publications.waset.org/abstracts/search?q=Pradeep%20Kulshrestha"> Pradeep Kulshrestha</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Laws of any given secular state have a huge contribution in the growth of the Islamic banking system because the system uses conventional laws to govern its activities. Therefore, the former should be ready to accommodate the latter in order to make the Islamic banking system work properly without affecting the current conventional banking system and therefore without affecting its system. Islamic financial rules have been practiced since the birth of Islam. Following the recent world economic challenges in the financial sector, a quick rebirth of the contemporary Islamic ethical banking system took place. The coming of the Islamic banking system is due to various reasons including but not limited to the failure of the interest based economy in solving financial problems around the globe. Therefore, the Islamic banking system has been adopted as an alternative banking system in order to recover the highly damaged global financial sector. But the Islamic banking system has been facing a number of challenges which hinder its smooth operation in different parts of the world. It has not been the aim of this paper to discuss other challenges rather than the legal ones, but the same was partly discussed when it was justified that it was proper to do so. Generally, there are so many things which have been discovered in the course of writing this paper. The most important part is the issue of the regulatory and supervisory framework for the Islamic banking system in Tanzania and in other nations is considered to be a crucial part for the development of the Islamic banking industry. This paper analyses what has been observed in the study on that area and recommends for necessary actions to be taken on board in a bid to make Islamic banking system reach its climax of serving the larger community by providing ethical, equitable, affordable, interest-free and society cantered banking system around the globe. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=Islamic%20banking" title="Islamic banking">Islamic banking</a>, <a href="https://publications.waset.org/abstracts/search?q=interest%20free%20banking" title=" interest free banking"> interest free banking</a>, <a href="https://publications.waset.org/abstracts/search?q=ethical%20banking" title=" ethical banking"> ethical banking</a>, <a href="https://publications.waset.org/abstracts/search?q=legal%20framework" title=" legal framework "> legal framework </a> </p> <a href="https://publications.waset.org/abstracts/105751/realizing-the-full-potential-of-islamic-banking-system-proposed-suitable-legal-framework-for-islamic-banking-system-in-tanzania" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/105751.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">149</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">6320</span> Exploring the Possibility of Islamic Banking as a Viable Alternative to the Conventional Banking Model</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Lavan%20Vickneson">Lavan Vickneson</a> </p> <p class="card-text"><strong>Abstract:</strong></p> In today’s modern economy, the conventional banking model is the primary banking system used around the world. A significant problem faced by the conventional banking model is the recurring nature of banking crises. History’s record of the various banking crises, ranging from the Great Depression to the 2008 subprime mortgage crisis, is testament to the fact that banking crises continue to strike despite the preventive measures in place, such as bank’s minimum capital requirements and deposit guarantee schemes. If banking crises continue to occur despite these preventive measures, it necessarily follows that there are inherent flaws with the conventional banking model itself. In light of this, a possible alternative banking model to the conventional banking model is Islamic banking. To date, Islamic banking has been a niche market, predominantly serving Muslim investors. This paper seeks to explore the possibility of Islamic banking being more than just a niche market and playing a greater role in banking sectors around the world, by being a viable alternative to the conventional banking model. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=bank%20crises" title="bank crises">bank crises</a>, <a href="https://publications.waset.org/abstracts/search?q=conventional%20banking%20model" title=" conventional banking model"> conventional banking model</a>, <a href="https://publications.waset.org/abstracts/search?q=Islamic%20banking" title=" Islamic banking"> Islamic banking</a>, <a href="https://publications.waset.org/abstracts/search?q=niche%20market" title=" niche market"> niche market</a> </p> <a href="https://publications.waset.org/abstracts/74021/exploring-the-possibility-of-islamic-banking-as-a-viable-alternative-to-the-conventional-banking-model" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/74021.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">282</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">6319</span> Shari'ah Governance in Islamic Banking and Finance - A Comparison Between Malaysia and Other Selected Countries, Current Challenges and Potential Solution</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Muhamad%20Badri%20Bin%20Othman">Muhamad Badri Bin Othman</a> </p> <p class="card-text"><strong>Abstract:</strong></p> As a role model and leading country in the world that establishes and promotes Islamic banking and finance, Malaysia has set up and come up with a set of standards and frameworks to govern its Shari’ah function towards implementing the desired outcome of Islamic banking and finance as new source of wealth creation. This paper, examines and highlights, at the very minimum, the importance and application of Shari’ah governance in Islamic banking and finance in Malaysia as a leading country in Islamic banking and finance. This paper also, compares on Shari’ah governance, which is being adopted between Malaysia and other selected countries namely, Pakistan, Bahrain, Kuwait, United Arab Emirates (UAE) and Qatar. This paper also, aims at highlighting the current challenges and issues faced by the scholars in Shari’ah Supervisory Board (SSB) in deliberating their opinions and fatwa towards the implementation of new products in Islamic banking industry to promote innovation among the industry players. The author of this paper will highlight the major challenges and issues faced by the SSB members of Islamic banks in Malaysia, taking into account the complexity of the operation wise and products of Islamic banking, and how they overcome those challenges and issues identified. This will be done through a series of face-to-face interview sessions which will be conducted with a few prominent figures of Islamic banking and finance scholars in Malaysia to highlight the issues and challenges they are facing towards Islamic financial innovation and subsequently finding solutions for the identified issues and challenges. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=Shari%E2%80%99ah%20governance" title="Shari’ah governance">Shari’ah governance</a>, <a href="https://publications.waset.org/abstracts/search?q=Shari%E2%80%99ah%20supervisory%20board%20%28SSB%29" title=" Shari’ah supervisory board (SSB)"> Shari’ah supervisory board (SSB)</a>, <a href="https://publications.waset.org/abstracts/search?q=Issues%20and%20challenges" title=" Issues and challenges"> Issues and challenges</a>, <a href="https://publications.waset.org/abstracts/search?q=Islamic%20financial%20innovation" title=" Islamic financial innovation"> Islamic financial innovation</a> </p> <a href="https://publications.waset.org/abstracts/30334/shariah-governance-in-islamic-banking-and-finance-a-comparison-between-malaysia-and-other-selected-countries-current-challenges-and-potential-solution" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/30334.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">421</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">6318</span> Comparing the Theory to the Practice of Islamic Banking: A Case Study of Pakistan</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Zareen%20Khan">Zareen Khan</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Islamic Banking has experienced high growth in Pakistan in recent years and has successfully survived the economic downturn of 2009-2011. Despite the increase in branch network and expansion of services, it is unclear if Islamic banks are truly following the theory and practical application of Shariah Law. This paper explores the theological basis of Islamic finance and examines the discrepancies between the theory and practice of Islamic banking using Pakistan as a case study. It discusses areas where Islamic banks lack proper Shariah compliance and analyzes the financial weaknesses of Islamic banks in terms of the services offered. Furthermore, the paper offers plausible explanations for the clientele of Islamic banks. The case study has three major findings. Firstly, most of the employees of Islamic banks come from conventional banking backgrounds and the banks have to invest in additional trainings to specialize employees in Islamic Banking. Secondly despite the efforts of State Bank of Pakistan, there is a lack of accounting and auditing standards tailored for Islamic Banking. Thirdly, majority of the clients of Islamic banks in Pakistan are accustomed to conventional banking causing the bankers to “speak the conventional banking language.” Combined, these three factors can create gaps in the practical application of Islamic finance in Islamic banks in Pakistan. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=islamic%20finance" title="islamic finance">islamic finance</a>, <a href="https://publications.waset.org/abstracts/search?q=comparing%20theory%20with%20practice" title=" comparing theory with practice"> comparing theory with practice</a>, <a href="https://publications.waset.org/abstracts/search?q=islamic%20banking" title=" islamic banking"> islamic banking</a>, <a href="https://publications.waset.org/abstracts/search?q=Pakistan" title=" Pakistan"> Pakistan</a> </p> <a href="https://publications.waset.org/abstracts/23023/comparing-the-theory-to-the-practice-of-islamic-banking-a-case-study-of-pakistan" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/23023.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">462</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">6317</span> Value Analysis of Islamic Banking and Conventional Banking to Measure Value Co-Creation</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Amna%20Javed">Amna Javed</a>, <a href="https://publications.waset.org/abstracts/search?q=Hisashi%20Masuda"> Hisashi Masuda</a>, <a href="https://publications.waset.org/abstracts/search?q=Youji%20Kohda"> Youji Kohda</a> </p> <p class="card-text"><strong>Abstract:</strong></p> This study examines the value analysis in Islamic and conventional banking services in Pakistan. Many scholars have focused on co-creation of values in services but mainly economic values not non-economic. As Islamic banking is based on Islamic principles that are more concerned with non-economic values (well-being, partnership, fairness, trust worthy, and justice) than economic values as money in terms of interest. This study is important to know the providers point of view about the co-created values, because, it may be more sustainable and appropriate for today’s unpredictable socioeconomic environment. Data were collected from 4 banks (2 Islamic and 2 conventional banks). Text mining technique is applied for data analysis, and values with 100% occurrences in Islamic banking are chosen. The results reflect that Islamic banking is more centric towards non-economic values than economic values and it promotes team work and partnership concept by applying Islamic spirit and trust worthiness concept. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=economic%20values" title="economic values">economic values</a>, <a href="https://publications.waset.org/abstracts/search?q=Islamic%20banking" title=" Islamic banking"> Islamic banking</a>, <a href="https://publications.waset.org/abstracts/search?q=non-economic%20values" title=" non-economic values"> non-economic values</a>, <a href="https://publications.waset.org/abstracts/search?q=value%20system" title=" value system"> value system</a> </p> <a href="https://publications.waset.org/abstracts/2430/value-analysis-of-islamic-banking-and-conventional-banking-to-measure-value-co-creation" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/2430.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">462</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">6316</span> Islamic Transaction: An Alternative for Customer Satisfaction in the Islamic Banking</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Mohammad%20Iqbal%20Maiik">Mohammad Iqbal Maiik</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Islamic marketing ethics combines the principle of value maximization with the principles of equity and justice for the welfare of the society. Adherence to the Islamic ethics in the Islamic banking industry can help elevate the standards of both behavior and living of bankers and customers alike. In a rapidly changing marketing environment, the need to be customer-focused has never been as important as it is today. At present where customers are becoming more demanding and increasingly mobile between competing financial providers, being customer-focused is not enough. Islamic banks and more specifically their customer-contact employees (customer relation advisers or officers) need to be perceived by their customers as being Islamic. This study represents an initial step in analyzing the role of Islamic ethical sales behavior as it may be perceived by the customers of Islamic Banks. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=Islam" title="Islam">Islam</a>, <a href="https://publications.waset.org/abstracts/search?q=ethics" title=" ethics"> ethics</a>, <a href="https://publications.waset.org/abstracts/search?q=marketing" title=" marketing"> marketing</a>, <a href="https://publications.waset.org/abstracts/search?q=Islamic%20banks" title=" Islamic banks"> Islamic banks</a> </p> <a href="https://publications.waset.org/abstracts/11067/islamic-transaction-an-alternative-for-customer-satisfaction-in-the-islamic-banking" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/11067.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">420</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">6315</span> Islamic Banking Adoption Model from Technology Prospective</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Amer%20Alzaidi">Amer Alzaidi</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Islamic banking is an alternative solution to those people who are worried about Riba (interest) in all forms of transaction while using banking services and products. Today, banks around the world have Islamic banking services and products the in one form or another. The use of Islamic banking is not only restricted to Muslims world but have reached to non-Muslim countries like UK, USA, Australia and Canada as well. Compared to conventional banking, the adoption rate of Islamic banking is low because of unawareness of customers, financial cost, and performance issues. The interest in Islamic banking by financial institutions as well as low adoption rate motivated us to look this matter into detail in order to identify Critical Success Factors, which are positively motivating customers to use Islamic banking services/ products and Critical Risk Factors, which have significantly negative effect on the adoption of Islamic banking. The CSFs and CRFs will be initially identified from the literature using methodology called Systematic Literature Review, followed by the empirical analysis of these factors using survey research method. Later, we will develop Islamic Banking Adoption Model (IBAM) to help banks to assess their Islamic banking strategic positioning and to improve their operational efficiency. The first potential contribution of this research study will be the development of IBAM protocol that will provide us guidelines for conducting our actual SLR. The second major contribution of this research will be the development of Islamic Banking Adoption Model (IBAM), and the third contribution of this research study will be the evaluation of the developed IBMA. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=Islamic%20banking" title="Islamic banking">Islamic banking</a>, <a href="https://publications.waset.org/abstracts/search?q=adoption%20model" title=" adoption model"> adoption model</a>, <a href="https://publications.waset.org/abstracts/search?q=protocol" title=" protocol"> protocol</a>, <a href="https://publications.waset.org/abstracts/search?q=technology" title=" technology"> technology</a> </p> <a href="https://publications.waset.org/abstracts/58737/islamic-banking-adoption-model-from-technology-prospective" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/58737.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">278</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">6314</span> The Implication of Islamic Finance and Banking for the Sustainable Development in Bangladesh</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Khan%20Md.%20Abdus%20Subhan">Khan Md. Abdus Subhan</a>, <a href="https://publications.waset.org/abstracts/search?q=Rabeya%20Bushra"> Rabeya Bushra</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Bangladesh has already seen significant growth in Islamic banking and finance, contributing to the rapid expansion of this sector in the global banking and finance industry. The objective of this study is to analyse the Islamic finance and banking industry's ability to contribute to sustainable development in Bangladesh. It aims to assess the current state, potential, and limitations of Islamic banking and finance in the country. Bangladesh has significant growth potential for Islamic banking and finance. However, addressing several challenges is imperative. These challenges include the absence of a well-developed infrastructure for Islamic banking and finance, a lack of a solid legal framework, limited attention from the central bank, the absence of an Islamic capital market, and a shortage of experts in Sharia law as well as public awareness. Bangladesh, a nation characterized by a primarily Muslim populace, has acknowledged the importance of Islamic finance and banking in promoting sustainable development. Islamic banking principles advocate for ethical practices, risk sharing, and the avoidance of interest-based transactions. This article examines the impact of Islamic finance and banking on promoting sustainable development in Bangladesh and emphasizes its capacity to tackle socio-economic difficulties. The Islamic banking sector, as a trailblazer in funding sustainable development, has the potential to play a significant role in facilitating the shift toward a circular economy. According to Shari'ah rules and the Sustainable Development Goals (SDGs), Islamic finance principles will help change the linear economy into a circular one. They will also provide a strong framework and a lot of funding sources. This study aims to offer crucial recommendations and techniques for the successful implementation of Islamic finance institutions in Bangladesh. The study will use quantitative research methodology, collecting data from secondary sources. This research offers a thorough understanding of the reasoning for the payment of Zakat and its socio-economic importance. Furthermore, the study provides significant insights that could assist Bangladeshi policymakers and governments in implementing Islamic financing systems. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=sustainable%20development" title="sustainable development">sustainable development</a>, <a href="https://publications.waset.org/abstracts/search?q=Islamic%20fintech" title=" Islamic fintech"> Islamic fintech</a>, <a href="https://publications.waset.org/abstracts/search?q=Islamic%20banking" title=" Islamic banking"> Islamic banking</a>, <a href="https://publications.waset.org/abstracts/search?q=Bangladesh" title=" Bangladesh"> Bangladesh</a> </p> <a href="https://publications.waset.org/abstracts/187332/the-implication-of-islamic-finance-and-banking-for-the-sustainable-development-in-bangladesh" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/187332.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">39</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">6313</span> Challenging in Public Acceptability of Islamic Banking</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Muhammad%20Ali%20Khan">Muhammad Ali Khan</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Although most Muslims are aware that Riba is a great sin in Islamic Shariah, they still do not find themselves inclined toward Islamic banking for their financial needs/activities/requirements. The main purpose of this research work is to analyse the general trend of people's views and miss conceptions among them regarding Islamic Banking and therefore suggest promoting Islamic banking. Scholars believe that Islamic finance is more stable than conventional banking because of the nature of its banking practices, which are based on real assets or partnerships. This is why Islamic banking is growing fastly worldwide, particularly in the wake of global financial crisis. Even though the scope of Islamic banking is expanding on a daily basis yet, it is not gaining the popularity it deserves. Islam declares war against Allah and his last messenger Hazrat Muhammad (PBUM) as it is a great sin and strictly forbids all interest-based transactions. Holy Quran revealed, O you who believe, do not eat up the amounts acquired through Riba (interest), doubled and multiplied. Fear Allah, so that you may be successful. Therefore a, true Muslim who believe in Judgement day always make all efforts in their life to avoid gambling and other speculative activities like Riba for themselves and their loved ones. If a Muslim does not fight against Riba to protect himself and his family, then his faith is meaningless. Allah issues warnings at numerous places in the holy Quran regarding Riba and its sin. Thus, Islamic banking is an alternative banking system where banking transactions are based on Islamic principles. The major component of Islamic Banking is Profit and loss sharing (PLS), as well as ensuring economic justice and equity. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=Islamic%20banking" title="Islamic banking">Islamic banking</a>, <a href="https://publications.waset.org/abstracts/search?q=Riba" title=" Riba"> Riba</a>, <a href="https://publications.waset.org/abstracts/search?q=interest" title=" interest"> interest</a>, <a href="https://publications.waset.org/abstracts/search?q=financial%20crises" title=" financial crises"> financial crises</a> </p> <a href="https://publications.waset.org/abstracts/178779/challenging-in-public-acceptability-of-islamic-banking" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/178779.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">63</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">6312</span> Islamic Banking: An Ultimate Source of Financial Inclusion</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Tasawar%20Nawaz">Tasawar Nawaz</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Promotion of socioeconomic justice through redistribution of wealth is one of the most salient features of Islamic economic system. Islamic financial institutions known as Islamic banks are used to implement this in practice under the guidelines of Islamic <em>Shariah</em> law. Islamic banking systems strive to promote and achieve financial inclusion among the society by offering interest-free banking and risk-sharing financing solutions. <em>Shariah</em>-compliant micro finance is one of the most popular financial instruments used by Islamic banks to enhance access to finance. Benevolent loan (or <em>Qard-al-Hassanah</em>) is one of the popular financial tools used by the Islamic banks to promote financial inclusion. This aspect of Islamic banking is empirically examined in this paper with specific reference to firm’s resources, largely defined here as intellectual capital. The paper finds that Islamic banks promote financial inclusion by exploiting available resources especially, the human intellectual capital. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=financial%20inclusion" title="financial inclusion">financial inclusion</a>, <a href="https://publications.waset.org/abstracts/search?q=intellectual%20capital" title=" intellectual capital"> intellectual capital</a>, <a href="https://publications.waset.org/abstracts/search?q=Qard-al-Hassanah" title=" Qard-al-Hassanah"> Qard-al-Hassanah</a>, <a href="https://publications.waset.org/abstracts/search?q=Islamic%20banking" title=" Islamic banking"> Islamic banking</a> </p> <a href="https://publications.waset.org/abstracts/76052/islamic-banking-an-ultimate-source-of-financial-inclusion" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/76052.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">319</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">6311</span> A Decade of Creating an Alternative Banking System in Tanzania: The Current State of Affairs of Islamic Banks</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Pradeep%20Kulshrestha">Pradeep Kulshrestha</a>, <a href="https://publications.waset.org/abstracts/search?q=Maulana%20Ayoub%20Ali"> Maulana Ayoub Ali</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The concept of financial inclusion has been tabled in the whole world where practitioners, academicians, policy makers and economists are working hard to look for the best possible opportunities in order to enable the whole society to be in the banking cycle. The Islamic banking system is considered to be one of the said opportunities. Countries like the United Kingdom, United States of America, Malaysia, Saudi Arabia, the whole of the United Arab Emirates and many African countries have accommodated the aspect of Islamic banking in the conventional banking system as one of the financial inclusion strategies. This paper tries to analyse the current state of affairs of the Islamic Banking system in Tanzania in order to understand the improvement of the provision of Islamic banking products and services in the said country. The paper discusses the historical background of the banking system in Tanzania, the level of penetration of banking products and services and the coming of the Islamic banking system in the country. Furthermore, the paper discusses banking regulatory bodies, legal instruments governing banking operations as well as number of legal challenges facing Islamic banking operations in the country. Following a critical literature review, the paper discovered that there is no legal instrument which talks about the introduction and provision of Islamic banking system in Tanzania. Furthermore, the Islamic banking system was considered as a banking product which is absolutely incorrect because Islamic banking is considered to be as a banking system of its own. In addition to that, it has been discovered that lack of a proper regulatory system and legal instruments to harmonize the conventional and Islamic banking systems has resulted in the closure of one Islamic window in the country, which in the end affects the credibility of the newly introduced banking system. In its conclusive remarks, the paper suggests that Tanzania should work on all legal challenges affecting the smooth operations of the Islamic banking system. This can be in a way of adopting various Islamic banking legal models which are used in countries like Malaysia and others, or a borrowing legal harmonization process which has been adopted by the UK, Uganda, Nigeria and Kenya. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=Islamic%20banking" title="Islamic banking">Islamic banking</a>, <a href="https://publications.waset.org/abstracts/search?q=Islamic%20windows" title=" Islamic windows"> Islamic windows</a>, <a href="https://publications.waset.org/abstracts/search?q=regulations" title=" regulations"> regulations</a>, <a href="https://publications.waset.org/abstracts/search?q=banks" title=" banks"> banks</a> </p> <a href="https://publications.waset.org/abstracts/99318/a-decade-of-creating-an-alternative-banking-system-in-tanzania-the-current-state-of-affairs-of-islamic-banks" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/99318.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">188</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">6310</span> Competitive Condition and Market Power of Islamic Banks in Indonesia</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Cupian">Cupian</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The expansion of Islamic banking industry seems to emphasize the banking competition in Indonesia where conventional and Islamic banks coexist. In addition, the 2007/2008 global financial crisis and deregulation have the effect on competitive conditions in Islamic banking market. In this context, this study aims at investigating competitive conditions and market power of Islamic banks in Indonesia using firm level data over the period 2006-2013. The study also attempts to identify the factors that represent the power of banking market to better study the degree of competition in this banking industry. Using samples of 27 Islamic commercial banks, the study uses a variety of structural and non-structural measures related to the traditional approach and the new empirical approach of the industrial organization (NEIO). The methodology is based on the set of measures of the competition and market power. The first measure is a set of concentration ratios (CR4) and Herfindahl-Hirschman index (HHI).The second measures are the Panzar and Ross H-statistic and the Lerner index based on econometric estimations with the aim of evaluating the market structure and measuring its power in terms of price setting. The results of the competition analysis suggest that the Islamic banking markets in Indonesia cannot be characterized by the bipolar cases of either perfect competition or monopoly over 2006-2013. That is, banks earned their revenues operating under conditions of monopolistic competition in that period. Overall, Islamic banks in Indonesia operate in a relatively less competitive environment or in high market power. It is also indicated that Islamic bank that hope to achieve higher returns should operate in the competitive environment. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=bank%20competition" title="bank competition">bank competition</a>, <a href="https://publications.waset.org/abstracts/search?q=islamic%20banks" title=" islamic banks"> islamic banks</a>, <a href="https://publications.waset.org/abstracts/search?q=market%20structure" title=" market structure"> market structure</a>, <a href="https://publications.waset.org/abstracts/search?q=profitability" title=" profitability"> profitability</a> </p> <a href="https://publications.waset.org/abstracts/37728/competitive-condition-and-market-power-of-islamic-banks-in-indonesia" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/37728.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">291</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">6309</span> Religiosity and Customer Loyalty in Islamic Banking: An Evidence from Pakistan</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Muhammad%20Taimoor%20Hassan">Muhammad Taimoor Hassan</a>, <a href="https://publications.waset.org/abstracts/search?q=Kausar%20Abbas"> Kausar Abbas</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The Islamic Banking Services is one of the growing businesses in financial sector around the globe with 15 to 18 percent growth all over the world and 10-12 percent growth rate in Pakistan. This research study is aimed at measuring the impact of religiosity on the customer loyalty of Islamic Banking in Pakistan. The study has utilized cause and effect research design to assess the impact of religiosity on Islamic Banking. Data from 350 respondents have been collected to meet the purpose of the study. The results revealed that the religiosity has a significant impact on the customer loyalty of Islamic Banking through the customer attitude and customer trust on the sequential model. The results suggest that the religiosity, customer attitude, and customer trust are the interconnected variables which lead to customer loyalty in Islamic Banking of Pakistan. The study is useful in the setting of Pakistan to further increase the customer loyalty for Islamic Banks. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=Islamic%20banks" title="Islamic banks">Islamic banks</a>, <a href="https://publications.waset.org/abstracts/search?q=customer%20loyalty" title=" customer loyalty"> customer loyalty</a>, <a href="https://publications.waset.org/abstracts/search?q=attitude" title=" attitude"> attitude</a>, <a href="https://publications.waset.org/abstracts/search?q=Pakistan" title=" Pakistan "> Pakistan </a> </p> <a href="https://publications.waset.org/abstracts/92887/religiosity-and-customer-loyalty-in-islamic-banking-an-evidence-from-pakistan" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/92887.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">285</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">6308</span> Perception, Awareness and Attitude of Muslim Academicians on Islamic Banking Products in Kano State of Nigeria</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Muhammad%20Abdullahi%20Mago">Muhammad Abdullahi Mago</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Islamic Banking began in Nigeria last three years and the sector has shown the sign of bright future for the sector and the Nigerian economy, within this very short time it is important to know the perception of the customers particularly learned or educated individuals for immediate evaluation and adjustment. This study investigates into the perception, awareness and attitudes of the academicians in the most populous state/place in Nigeria with more than 90% muslims, and the results has shown a relatively low levels results in all the variables of the study.The study recommends aggressive marketing strategy for the Banks operating within the sector. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=Islamic%20Banking%20Products" title="Islamic Banking Products">Islamic Banking Products</a>, <a href="https://publications.waset.org/abstracts/search?q=Islamic%20Financial%20Products" title=" Islamic Financial Products"> Islamic Financial Products</a>, <a href="https://publications.waset.org/abstracts/search?q=academicians" title=" academicians"> academicians</a>, <a href="https://publications.waset.org/abstracts/search?q=Islamic%20finance%20industry" title=" Islamic finance industry"> Islamic finance industry</a>, <a href="https://publications.waset.org/abstracts/search?q=perception" title=" perception"> perception</a>, <a href="https://publications.waset.org/abstracts/search?q=awareness%20and%20attitude" title=" awareness and attitude"> awareness and attitude</a> </p> <a href="https://publications.waset.org/abstracts/45548/perception-awareness-and-attitude-of-muslim-academicians-on-islamic-banking-products-in-kano-state-of-nigeria" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/45548.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">441</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">6307</span> Customers’ Acceptability of Islamic Banking: Employees’ Perspective in Peshawar</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Tahira%20Imtiaz">Tahira Imtiaz</a>, <a href="https://publications.waset.org/abstracts/search?q=Karim%20Ullah"> Karim Ullah</a> </p> <p class="card-text"><strong>Abstract:</strong></p> This paper aims to incorporate the banks employees’ perspective on acceptability of Islamic banking by the customers of Peshawar. A qualitative approach is adopted for which six in-depth interviews with employees of Islamic banks are conducted. The employees were asked to share their experience regarding customers’ acceptance attitude towards acceptability of Islamic banking. Collected data was analyzed through thematic analysis technique and its synthesis with the current literature. Through data analysis a theoretical framework is developed, which highlights the factors which drive customers towards Islamic banking, as witnessed by the employees. The practical implication of analyzed data evident that a new model could be developed on the basis of four determinants of human preference namely: inner satisfaction, time, faith and market forces. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=customers%E2%80%99%20attraction" title="customers’ attraction">customers’ attraction</a>, <a href="https://publications.waset.org/abstracts/search?q=employees%E2%80%99%20perspective" title=" employees’ perspective"> employees’ perspective</a>, <a href="https://publications.waset.org/abstracts/search?q=Islamic%20banking" title=" Islamic banking"> Islamic banking</a>, <a href="https://publications.waset.org/abstracts/search?q=Riba" title=" Riba"> Riba</a> </p> <a href="https://publications.waset.org/abstracts/49687/customers-acceptability-of-islamic-banking-employees-perspective-in-peshawar" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/49687.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">333</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">6306</span> Commerce and Islamic Banking System</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Rahmoune%20Abdelhaq">Rahmoune Abdelhaq</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Systemic Islamic banking has been in practice for long but started receiving due attention and high popularity since last decade. It has received a warm welcome from all over the world and these banks operating on Islamic principles have been able to get a sizeable business not only in Islamic countries but in non-Islamic countries too. Despite exemplary advancements and achievements, there remains number of controversies over various underlying concepts and practices. This paper basically explores and highlights all those controversies and challenges which are in minds of different school of thoughts and are needed to be addressed and overcome if Islamic banking continues flourishing the way it is at present. The authors have also tried to suggest suitable remedies to overcome these challenges where appropriate. As well, This paper makes an attempt to review major principles surrounding the working of Islamic banking and its historical growth. A brief overview of main differences between the Islamic banking and the conventional banking. In addition, references are particularly made to implications arising from the emergence of e-commerce and the realities that the Islamic Shari’ah law has to consider in adopting the new phenomenon into its banking system. This paper shows, whilst the conventional banking and financial system is based on the principle of rationality and interest, the Islamic financial system is based on morality and social justice which prohibits interest as a means of speculation and injustice. The concepts of e-business such as e-commerce and e-banking are acceptable in Islam as since in Islam anything is halal unless prohibited by Shari’ah, dealing with business by internet is considered as Shari’ah compliant. This paper, therefore, provides the latest thinking of e-business from an Islamic viewpoint, thus creating a reference point and valued information for a future research. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=Islamic%20Finance" title="Islamic Finance">Islamic Finance</a>, <a href="https://publications.waset.org/abstracts/search?q=principles%20of%20Islamic%20banking" title=" principles of Islamic banking"> principles of Islamic banking</a>, <a href="https://publications.waset.org/abstracts/search?q=Islamic%20commerce" title=" Islamic commerce"> Islamic commerce</a>, <a href="https://publications.waset.org/abstracts/search?q=Shari%E2%80%99ah%20compliant" title=" Shari’ah compliant"> Shari’ah compliant</a> </p> <a href="https://publications.waset.org/abstracts/34581/commerce-and-islamic-banking-system" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/34581.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">410</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">6305</span> From 'Tabung Haji' to Fully Islamic Bank: Analysis of the Twenty Years of Creating Alternative Banking System in Malaysia</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Maulana%20Ayoub%20Ali">Maulana Ayoub Ali</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Malayan Pilgrims Savings Corporation was introduced in 1963. Six years later, Malaysian Pilgrims Fund Board (Tabung Haji) was formed. The board used to collect funds from pilgrims who expected to perform pilgrimage in the future dates. Money was collected and kept as per given rules and procedures emanated from Islamic sources of law. Twenty years later, the country was ready to run a fully fledged Islamic bank where the Bank Islam Malaysia Berhad (BIMB) came into existence in the year 1983. This paper investigates stages of development of Islamic banking system in Malaysia from 1983 to date. This study discovered that Malaysia had enough time to make Islamic banking system works alongside conventional banking system and for sure, has successfully managed to come up with the comprehensive and workable financial system which accommodates both the conventional and Islamic banking. As a result, Malaysia stands to be the hub of Islamic banking products and services in the world today. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=Tabung%20Haji" title="Tabung Haji">Tabung Haji</a>, <a href="https://publications.waset.org/abstracts/search?q=Islamic%20Banks" title=" Islamic Banks"> Islamic Banks</a>, <a href="https://publications.waset.org/abstracts/search?q=conventional%20law" title=" conventional law"> conventional law</a>, <a href="https://publications.waset.org/abstracts/search?q=Malaysia" title=" Malaysia"> Malaysia</a> </p> <a href="https://publications.waset.org/abstracts/49068/from-tabung-haji-to-fully-islamic-bank-analysis-of-the-twenty-years-of-creating-alternative-banking-system-in-malaysia" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/49068.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">333</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">6304</span> Bridging between Shariah Law and Legal Framework: A Study of Problems and Solutions of Islamic Banking System in Bangladesh</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Md.%20Abdul%20Kader">Md. Abdul Kader</a>, <a href="https://publications.waset.org/abstracts/search?q=Md.%20Akiz%20Uddin"> Md. Akiz Uddin</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The Islamic banking system is based on the Islamic shariah principles. Islamic banking is set up to avoid riba (interest)--which is prohibited in Islam-- and to prevent unscrupulous practices and participate actively in achieving the welfare-oriented Islamic economy. In the process of offering Islamic banking services, practitioners have been facing several challenges. Out of many challenges, this paper particularly highlights the need for a centralized legal framework for Islamic banks that should be compliant with the shariah law. The researchers employed a qualitative method to collect case studies from high-profile Islamic Bankers and analyzed respective legal documents and policy papers to conduct the study. This study investigates the Shariah Governance Framework (SGF), amended Banking Companies Act, 1991 (Act No. 14 of 1991), and the Shariah Supervisory Board (SSB) of Islamic banks in Bangladesh to evaluate how legal framework supervise and/or monitor Islamic banking system under the jurisdiction of shariah law. The study reveals that the Shariah governance system in Bangladesh is mainly voluntary rather than regulatory, and there is an absence of full-fledged SGF. Though there is no complete Islamic Banking Act for controlling, guiding, and supervising the Islamic banks in Bangladesh, some Islamic banking provisions have already been incorporated in the amended Banking Companies Act, 1991 (Act No. 14 of 1991). Bangladesh Bank did not set up any separate Department at its Head Office to control, guide and supervise the operation of the Islamic banks. So, ensuring the implementation of Shariah principles concurrent with the legal framework of banking policies is recommended in this study. This study also prescribes that the government should enact a law or policy for the operations of Islamic banks in order to improve the Islamic Banking system of Bangladesh. In addition, the central bank can set up a Central Shariah Supervisory Board (CSSB) or authorize the existing Central Shariah Board for Islamic Banks of Bangladesh (CSBIB) to supervise and monitor overall activities of Islamic banks and resolve the disputes among the stakeholders concerning the Shariah issues of Islamic banks. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=islamic%20banking" title="islamic banking">islamic banking</a>, <a href="https://publications.waset.org/abstracts/search?q=shariah%20law" title=" shariah law"> shariah law</a>, <a href="https://publications.waset.org/abstracts/search?q=banking%20policies" title=" banking policies"> banking policies</a>, <a href="https://publications.waset.org/abstracts/search?q=shariah%20governance%20framework%20%28SGF%29" title=" shariah governance framework (SGF)"> shariah governance framework (SGF)</a> </p> <a href="https://publications.waset.org/abstracts/164858/bridging-between-shariah-law-and-legal-framework-a-study-of-problems-and-solutions-of-islamic-banking-system-in-bangladesh" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/164858.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">72</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">6303</span> Financial Instruments of Islamic Banking: A Critical Analysis</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Rukhsana%20Shaheen">Rukhsana Shaheen</a>, <a href="https://publications.waset.org/abstracts/search?q=Tahira%20Ifraq">Tahira Ifraq</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Interest based transactions led the advent of Islamic banking. In order to provide an alternative to Interest based banking, financial transactions found in classical books of fiqh were employed. Musharakah, Mudarabah, Murabahah Salam, Ijara, and some other modes were adopted. These modes were modified so that they can be adopted for banking and satisfy the needs of customers. Since the inception of Islamic banking, these modes are being used and with the passage of time, are being molded and experimented with to cater different kinds of customers and requirements. Human efforts cannot be errorless. These modes too bear legal defects which need an in-depth scrutiny and refinement. The aim of this paper is to dig the basis and rulings of these modes in classical books of fiqh and analyze its modification and adoption in Islamic banking and the legal defects that these modes are bearing. Paper will prove itself fruitful by providing remedies for the legal defects. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=financial%20instruments" title="financial instruments">financial instruments</a>, <a href="https://publications.waset.org/abstracts/search?q=legal%20defects" title=" legal defects"> legal defects</a>, <a href="https://publications.waset.org/abstracts/search?q=remedies" title=" remedies"> remedies</a>, <a href="https://publications.waset.org/abstracts/search?q=Islamic%20banking" title=" Islamic banking"> Islamic banking</a> </p> <a href="https://publications.waset.org/abstracts/4375/financial-instruments-of-islamic-banking-a-critical-analysis" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/4375.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">358</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">6302</span> Liquidity Management in Islamic Banks: Challenges and Prospects for Non-Interest Banking in Nigeria</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Fatai%20O.%20Bakare">Fatai O. Bakare</a> </p> <p class="card-text"><strong>Abstract:</strong></p> This paper x-rays the liquidity problems exposed to by Islamic banks in terms of challenges in managing surplus as well as deficit liquidity positions and the attendant effects in the contemporary system of Islamic banking. Effective liquidity management is understood to be a cardinal consideration for sustainability of Islamic/non-interest banking in Nigeria and the world over. While a background is laid by considering the general situations at a global scale, a particular attention is devoted to the peculiar circumstances of the non-interest banking in Nigeria. In bring home the points various efforts of major notable supra-national institutions in bridging liquidity management gap in Islamic banks are presented. While it is believed that a good lesson could be learnt from the developmental phases of Malaysian Islamic banking system and the approaches to meeting its liquidity management problems, much emphasis is laid in maintaining that, although in the absence of political will to provide systemic support for non-interest banking in Nigeria, the challenge of liquidity management is not unsurmountable. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=deficit" title="deficit">deficit</a>, <a href="https://publications.waset.org/abstracts/search?q=liquidity%20management" title=" liquidity management"> liquidity management</a>, <a href="https://publications.waset.org/abstracts/search?q=non-interest" title=" non-interest"> non-interest</a>, <a href="https://publications.waset.org/abstracts/search?q=surplus" title=" surplus"> surplus</a> </p> <a href="https://publications.waset.org/abstracts/13700/liquidity-management-in-islamic-banks-challenges-and-prospects-for-non-interest-banking-in-nigeria" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/13700.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">321</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">6301</span> Finding the Right Regulatory Path for Islamic Banking</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Meysam%20Saidi">Meysam Saidi</a> </p> <p class="card-text"><strong>Abstract:</strong></p> While the specific externalities and required regulatory measures in relation to Islamic banking are fairly uncertain, the business is growing across the world. Unofficial data indicate that the Islamic Finance market is growing with annual rate of 15% and it has reached 1.3 $ trillion size. This trend is associated with inherent systematic connection of Islamic financial institutions to other entities and different sectors of economies. Islamic banking has been subject of market development policies in major economies, most notably the UK. This trend highlights the need for identification of distinct risk features of Islamic banking and crafting customized regulatory measures. So far there has not been a significant systemic crisis in this market which can be attributed to its distinct nature. However, the significant growth and spread of its products worldwide necessitate an in depth study of its nature for customized congruent regulatory measures. In the post financial crisis era some market analysis and reports suggested that the Islamic banks fairly weathered the crisis. As far as heavily blamed conventional financial products such as subprime mortgage backed securities and speculative credit default swaps were concerned the immunity claim can be considered true, as Islamic financial institutions were not directly exposed to such products. Nevertheless, similar to the experience of the conventional banking industry, it can be only a matter of time for Islamic banks to face failures that can be specific to the nature of their business. Using the experience of conventional banking regulations and identifying those peculiarities of Islamic banking that need customized regulatory approach can aid to prevent major failures. Frank Knight has stated that “We perceive the world before we react to it, and we react not to what we perceive, but always to what we infer”. The debate over congruent Islamic banking regulations might not be an exception to Frank Knight’s statement but I will try to base my discussion on concrete evidences. This paper first analyzes both theoretical and actual features of Islamic banking in order to ascertain to its peculiarities in terms of market stability and other externalities. Next, the paper discusses distinct features of Islamic financial transactions and banking which might require customized regulatory measures. Finally, the paper explores how a more transparent path for the Islamic banking regulations can be drawn. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=Islamic%20banking" title="Islamic banking">Islamic banking</a>, <a href="https://publications.waset.org/abstracts/search?q=regulation" title=" regulation"> regulation</a>, <a href="https://publications.waset.org/abstracts/search?q=risks" title=" risks"> risks</a>, <a href="https://publications.waset.org/abstracts/search?q=capital%20requirements" title=" capital requirements"> capital requirements</a>, <a href="https://publications.waset.org/abstracts/search?q=customer%20protection" title=" customer protection"> customer protection</a>, <a href="https://publications.waset.org/abstracts/search?q=financial%20stability" title=" financial stability"> financial stability</a> </p> <a href="https://publications.waset.org/abstracts/11792/finding-the-right-regulatory-path-for-islamic-banking" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/11792.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">409</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">6300</span> An Overview of the Islamic Banking Development in the United Kingdom, Malaysia, Saudi Arabia, Iran, Nigeria, Kenya and Uganda</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Pradeep%20Kulshrestha">Pradeep Kulshrestha</a>, <a href="https://publications.waset.org/abstracts/search?q=Maulana%20Ayoub%20Ali"> Maulana Ayoub Ali</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The level of penetration of Islamic banking products and services has recorded a reasonable growth at an exponential rate in many parts of the world. There are many factors which have contributed to this growth including, but not limited to the rapid growth of number of Muslims who are uncomfortable with the conventional ways of banking, interest and higher interest rates scheduled by conventional banks and financial institutions as well as the financial inclusion campaign conducted in many countries. The system is facing legal challenges which open the research fdoor for practitioners and academicians for the sake of finding out solutions to those challenges. This paper tries to investigate the development of the Islamic banking system in the United Kingdom (UK), Saudi Arabia, Malaysia, Iran, Kenya, Nigeria and Uganda in order to understand the modalities which have been employed to run an Islamic banking system in the aforementioned countries. The methodology which has been employed in doing this research paper is Doctrinal, of which legislations, policies and other legal tools have been carefully studied and analysed. Again, papers from academic journals, books and financial reports have been deeply analysed for the purpose of enriching the paper and come up with a tangible results. The paper found that in Asia, Malaysia has created the smoothest legal platform for Islamic banking system to work properly in the country. The United Kingdom has tried harder to smooth the banking system without affecting the conventional banking methods and without favouring the operations of Islamic banks. It also tries harder to make UK as an Islamic banking and finance hub in Europe. The entire banking system in Iran is Islamic, while Nigeria has undergone several legal reforms to suit Islamic banking system in the country. Kenya and Uganda are at a different pace in making Islamic Banking system work alongside the conventional banking system.   <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=shariah" title="shariah">shariah</a>, <a href="https://publications.waset.org/abstracts/search?q=Islamic%20banking" title=" Islamic banking"> Islamic banking</a>, <a href="https://publications.waset.org/abstracts/search?q=law" title=" law"> law</a>, <a href="https://publications.waset.org/abstracts/search?q=alternative%20banking" title=" alternative banking"> alternative banking</a> </p> <a href="https://publications.waset.org/abstracts/105950/an-overview-of-the-islamic-banking-development-in-the-united-kingdom-malaysia-saudi-arabia-iran-nigeria-kenya-and-uganda" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/105950.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">151</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">6299</span> Provisions for Risk in Islamic Banking and Finance in Comparison to the Conventional Banks in Malaysia</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Rashid%20Masoud%20Ali%20Al-Mazrui">Rashid Masoud Ali Al-Mazrui</a>, <a href="https://publications.waset.org/abstracts/search?q=Ramadhani%20Mashaka%20Shabani"> Ramadhani Mashaka Shabani</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Islamic banks and financial institutions are exposed to the same risks as conventional banking. These risks include the rate return risk, credit or market risk, liquidity risk, and operational risk among others. However, being a financial institution that operates Islamic banking and finance operations, there is additional risk associated with its operations different from conventional finance, such as displacing commercial risk. They face Shari'ah compliance risks because of their failure to follow Shari'ah principles. To have proper mitigation and risk management, banks should have proper risk management policies to mitigate risks. This paper aims to study the risk management taken by Islamic banks in comparison with conventional banks. Also, the study evaluates the provisions for risk management taken by selected Islamic banks and conventional banks. The study employs qualitative analysis using secondary data by applying a content analysis approach with a sample size of 4 Islamic banks and four conventional banks ranging from 2010 to 2020. We find that these banks all use the same technique, except for the associated risk. The extra ways are used, but only for additional risks that are available to Islamic banking and finance. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=emerging%20risk" title="emerging risk">emerging risk</a>, <a href="https://publications.waset.org/abstracts/search?q=risk%20management" title=" risk management"> risk management</a>, <a href="https://publications.waset.org/abstracts/search?q=Islamic%20banking" title=" Islamic banking"> Islamic banking</a>, <a href="https://publications.waset.org/abstracts/search?q=conventional%20bank" title=" conventional bank"> conventional bank</a> </p> <a href="https://publications.waset.org/abstracts/155652/provisions-for-risk-in-islamic-banking-and-finance-in-comparison-to-the-conventional-banks-in-malaysia" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/155652.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info 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