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Islamic Bank operating framework: a casestudy of Dubai and Malasyia banks - Dissertation Example

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According to Mahlknecht and Hassan, there are more than three hundred Islamic Banks in sixty countries. The main objective of establishing an Islamic bank was to promote economic and social development of Islamic communities in pursuit of Shari’ah principles. …
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Islamic Bank operating framework: a casestudy of Dubai and Malasyia banks
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Islamic Bank operating framework: a casestudy of Dubai and Malasyia banks

Download file to see previous pages... Some conventional banks have integrated Islamic banking by creating subsidiaries that offer Shari’ah products. Jurisdiction’s Central Bank Acts, Islamic Financial Services Board and Auditing Organization for Islamic Financial Institutions have been created to provide framework under which Islamic Banks will operate. Modern Islamic finance and banking took off in 1960s after Egypt launched a Social Bank in 1963. Initially, as early as 1973, Islamic Finance was confined to Middle East, although countries like; Pakistan and Sudan have tried to ‘Islamicise’ their financial systems. Middle East adopted, nurtured and preserved Islamic banks to what it is today. According to Mahlknecht and Hassan (2011), Islamic finance is expanding worldwide and growing at exponential rate. According to Kettell (2010), the world of Islamic Banking Competiveness Report 2007/08 stated that the value of Islamic banking assets and assets under management was expected to reach US$ 1 trillion by 2010.One of the important means through which Islamic finance is thriving is through offshore jurisdictions. According Ariff and Iqbal (2011), most of the offshore centres in the world are anxious to become influential financial locations and aggressively seek investors interested in global investment from any part of the world. Offshore jurisdictions that are fertile for Islamic finance include; Cayman Islands, Isle of Man, Jersey, Guernsey, Bahamas, British Virgin Islands, Bahrain, Labuan (Malaysia), Luxembourg, Dubai International Financial Centre and Dublin (Ireland). The offshore jurisdiction favoured for investment includes Turks and Caicos Islands, Bermuda, Barbados, Cook Islands, Labua, Liechtenstein, Mauritius, Cyprus and Gibraltar (Academie de Droit and International de la Haye, 1995). Growth of global investments has caused unprecedented growth of offshore jurisdictions in the past years. Uteem (2009) asserted that accumulation of petrodollars and increasing Muslim population, as well as increase in infrastructural projects demanding huge amounts of capital have increased demand for Islamic finance products. Furthermore, active participation of investors and independence of countries in Islamic capital markets are some of the reasons of growth and development of global Islamic finance (Muhammad, 2009). 2.0 The Research Problem Islamic finance is becoming one of the most attractive financial products across the world. Both Muslims and non-Muslims are approaching Islamic banks and Islamic financial institutions to meet their banking and financial needs (Hertwig and Maus, 2010). Islamic finance is based on the Shari’ah (Islamic law) and does not operate like a conventional financial institution. Rather, it has a different operating framework, which must meet the dictates of the Shari’ah. Ahmed (2011) hinted that unlike conventional banks, Islamic banks are faced with more challenges in terms of inadequate or failed internal processes, systems, external events or people due to perceived or real Islamic religion influence. As more money is ...Download file to see next pagesRead More
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At first, I thought 15 of pages is too much for such a question. But now I see it could not be done smarter. As the author starts you see the complexity of the topic. I’ve read all at once. Great text
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