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Islamic banking system study. You will be expected to present a report of no more than 3000 words for the assessment. Topic: Outline the key features of Islamic banking business in the country you have - Essay Example

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“It is based on Islamic law of economics and works in such a framework that follows certain rules and regulations, determined by various prominent…
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Islamic banking system study. You will be expected to present a report of no more than 3000 words for the assessment. Topic: Outline the key features of Islamic banking business in the country you have
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Islamic banking system study. You will be expected to present a report of no more than 3000 words for the assessment. Topic: Outline the key features of Islamic banking business in the country you have

Download file to see previous pages... This clearly explains the extent to which Islamic Banking will differ from normal Banking. Islam also restricts trading in various financial risks. It also restricts investment in companies dealing in tobacco, liquor and any other business that are against the general ethical principles.
Though all these rules and restrictions seem to be against the conventional banking system, the concept of Islamic Banking provides solutions to run a profitable banking system even after a all these rules. Besides stringent policies that are totally against the normal banking, Islamic Baking is a growing sector and also a billion dollars sector in many countries. Islamic Banking is mostly followed in Gulf Countries. It also operates in many financial capitals of the world like London, Los Angeles, etc.
This essay deals with the Islamic Banking sector in United Arab Emirates (UAE). UAE is one of the fastest growing financial capitals in the world. Being an Arab country, Islamic Banking is a highly organized business in the country. Though the region has been recently hit by a credit crunch in Dubai, it still has the potential to come out of it and continue its growth as a Banking hub.
Banking is one of the fastest growing industries in UAE, especially in Dubai. UAE has emerged itself as a financial hub in the world within a very limited time. Banks from across the world has set up their branches in UAE. The main reason for this is that UAE is a destination for people from all over the world. UAE is highly concentrated with expatriates from other countries. As such the banking sector operates to cater to the needs of all such people. The major features of UAE Banking sector are as follows.
Less concentrated market: The banking sector in UAE is regarded as less concentrated market. The concentration is expressed as Herfindahl Index (HHI) and the index is less than 1000 in case of UAE. “The HHI is a measure of the size of firms in ...Download file to see next pagesRead More
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