Nobody downloaded yet

Islamic banking and financial in a global economy - Assignment Example

Comments (0) Cite this document
Summary
Briefly I have covered the banking practices, the funds and the instruments used. The underlying principles of Islamic finance such as creation of an asset, avoidance of uncertainty and…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER93.4% of users find it useful
Islamic banking and financial in a global economy
Read TextPreview

Extract of sample
"Islamic banking and financial in a global economy"

Download file to see previous pages This growth is conspicuous from the emergence of new Shariah compliant instruments in various asset classes, ranging from equities, real estate, commodities and private equity (not bonds as interest bearing instruments are considered prohibited (haram)). Estimates suggest that since 1990, the market size of the Islamic Finance has multiplied five times from USD 150 billion to USD 900 billion in the year 2008; whereas it is expected to more than double at USD 2 trillion by the year 2010.
The main markets currently involved in the Islamic finance and banking across the globe comprises mainly the active participation from the GCC countries, followed by Middle Eastern and North African countries. Slowly and gradually European states, Australia and other American states have started penetrating the market with wild growth rates. It is noticeable from the onset of Shariah compliant banking units of Citigroup (America), HSBC (Britain), and Deutsche Bank (Germany).
As opposed to conventional banking, Islamic banking has its roots in the core values of the religion, Islam. Where, Islam itself is the way of life and conduct of living, the underlying theme of the Islamic Financial system is application of ethics and discipline to the banking and finance sector. It is not so simple; it does not only prohibit usury/interest (money on money), but aims at eliminating unjust behavior for the development of an equitable economy.
Prohibition of interest, avoidance of uncertainty and contingency, restrictions on short selling, sharing in profits and losses are the core principles governing Islamic finance; it also places restrictions on financing sectors that engage in illegal and illicit activities – such as alcohol and tobacco, gambling, arms and ammunition, pornography and acts that are harmful for the environment. For the avoidance of all these prohibit able acts and indulgences, the community of Islamic shariah scholars have come up with ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Islamic banking and financial in a global economy Assignment”, n.d.)
Islamic banking and financial in a global economy Assignment. Retrieved from https://studentshare.org/miscellaneous/1559059-islamic-banking-and-financial-in-a-global-economy
(Islamic Banking and Financial in a Global Economy Assignment)
Islamic Banking and Financial in a Global Economy Assignment. https://studentshare.org/miscellaneous/1559059-islamic-banking-and-financial-in-a-global-economy.
“Islamic Banking and Financial in a Global Economy Assignment”, n.d. https://studentshare.org/miscellaneous/1559059-islamic-banking-and-financial-in-a-global-economy.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document
CHECK THESE SAMPLES - THEY ALSO FIT YOUR TOPIC
Islamic banking
...these activities are considered to be signs of immorality and exploitation based on Islamic teachings. The financial regulatory system has viewed this growing Muslims population as an advantage in the economy that is why the board specifically designed a system called Islamic banking that has the capacity to deal with Muslims’ financial activities in conformity with what they believed. Instead of imposing interest fee to their clients, Islamic banking operates under the scheme of profit-and-loss sharing as a source of their income. The fact that Muslim population is growing as well as the demand of...
78 Pages(19500 words)Dissertation
Islamic Banking and the Financial Crisis
...in South-East Asia: its development and future, Third Edition, Singapore: World Scientific Visser, Hans and Visser, Herschel 2009, Islamic finance: principles and practice, Cheltenham, U.K.; Northampton, Mass.: Edward Elgar Von Pock, Alexander 2007, Strategic management in Islamic finance, Aufl. Ed. Wiebaden: Deutscher UniversitaIeats-Verlag Wan Nursofiza, W.A 2009, Islamic finance and banking system: philosophies, principles and practices, Kuala Lumpur: McGraw-Hill Education (Asia) Wang, K 2008, Introduction to Islamic finance, Singapore: Saw Centre for Financial Studies Warde, Ibrahim 2010, Islamic finance in the...
12 Pages(3000 words)Essay
Mudarabah in Islamic Banking
...? of the of the of the Mudarabah in Islamic Banking The financial System in Islam is governed by the principles governing financial matters that are quoted in the religion of Islam. ISLAMIC BANKING The mode of banking in the religion of Islam is Shariah compliant. The banks in Islamic financing undertake venture capital financing for companies that are engaging in businesses that are Shariah compliant. Islamic syndication finance can be provided by the bank in a number of manners. One of these is termed...
3 Pages(750 words)Admission/Application Essay
Islamic Banking
...in the 80s and the entire concept evolved at that time. The banks previously were more focused on interest free banking; however in 1985, the Organization of Islamic Conference affirmed takaful, or Islamic insurance, as Shariah compliant. Thus, this gave the Islamic banking sector a wider tangent that now covered capital markets, capital formation, and varied financial instruments and intermediaries (Shariah-Fortune, 2012). The development and growth of Islamic Banking has always been experimental. The pioneers of the Islamic Banking have faltered,...
6 Pages(1500 words)Essay
Islamic economy
...on three models that include government of the state, administration of the city and management of the household, that enable the coverage of the Islam economic thought. Development of Islamic economies continues to grow and expand, as there are innovative ideas in the Islamic nations with the responsibility of adding variety to the existing economic network. The system of Islamic economies has been successful and received approval of its financial services; there have been calls for financial institutions to embrace Islamic rules in finance in order to restore confidence in their...
4 Pages(1000 words)Essay
Islamic Banking
...of the hindrance of mortgage finance is the stamp tax duty. Recommendations The success of Islamic banking in the United Kingdom together with the acceptance of the non-Moslem population implies that this type of financial intermediation can be embraced by other clients in the global market. After the above analysis, this report has come up with recommendation on how Islamic banks can compete with popular commercial banks in spite of the stiff competition. Islamic banking as noted above might not be very attractive to depositors because of the no-interest rate policy. However, these...
5 Pages(1250 words)Essay
Islamic banking
...based on speculation rather than healthy investments. The nature and manner of Islamic Banks in UK was also discussed but the emphasis was the usefulness and relevance of these institutions in the financially limping world economies. The research carried out, though limited in nature, also points to the fact that due to its sharing of risk methods and high collaterals, the Islamic Banking system may be restrictive in a sense, yet it offers means of consolidations of investments as against throwing it away in speculative practices. Acknowledgment I can view this part of my project as one of the most important parts because I can...
22 Pages(5500 words)Essay
Islamic banking system study
...to the assumption that the Islamic banking system is open to changes (Ison et al., 2007, 17); its rules are clear and strict; no change would be accepted apart from the case that the conditions in the global or the local market have changed to such a point that the extinction or the limitation of the policies of Islamic banking system have become necessary. 4. Future prospects for Islamic banking in Britain The British banking market has entered a period of recovery – referring to the strong financial crisis of 2008 onwards. The data related with the performance of this market prove that...
12 Pages(3000 words)Essay
Islamic banking
.... One of the ways through which Islamic banking can help to solve the financial crisis is through the elimination of interests on loans. This is because Islamic banking does not advocate for the selling of debts against debts. The burden created by charging interests can be regarded as one of the causes of the financial crisis. Thus, allowing interest free loans to borrowers ensure that such a crisis is avoided (Alam, et. al 193). The ethical principles held by Islamic banks can also play a crucial role in solving the global financial crisis. Moreover,...
3 Pages(750 words)Essay
Islamic Banking
...increasing number of people with growing interest in the Islamic banking as a phenomenon and a lot of questions have been raised on its differences from conventional banking. This study will investigate the question that is often raised by most people whether it is an economic or a religious bank. 3. Objectives of the research 3.1 Broad objective i. To investigate the influence of Islamic banking 3.2 Specific objective i. To determine if the Islamic banking mix economy and religion ii. To investigate if the Islamic banking has become a...
2 Pages(500 words)Research Proposal
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Let us find you another Assignment on topic Islamic banking and financial in a global economy for FREE!
Contact Us