Islamic Banking and its Perspectives
Journal Title: International Journal of Academic Research in Business and Social Sciences - Year 2017, Vol 7, Issue 2
Abstract
In the recent years, the global banking system has experienced large aftershocks. The global economic crisis that began in 2008, and its consequences, succeeded to close down many large banking systems. On the other hand, Islamic banks made a great growth, and their bank assets according to estimates, are worth about 1,800 billion. The secret is not in the big oil reserves, but the system which they called "halal financing". This system is based on several basic premises, which are not of a great philosophy, but are not in compliance with the western system of financial manipulation. The prohibition of interest-based finance through the banking sector, spread the growing economic impact in the contemporary economic, social, political and globalisation area. The relevance of this study is contributing to the debate which concerns the possible relevance of Islamic Banking to the potential development and redefinition of conventional banking. Through analysing the pros and cons of this financial system based on the Islamic principles, it will be determined if it is able to play a leading role in revamping and driving the conventional banking.
Authors and Affiliations
Sasho Kozuharov, Jana Ilieva, Natasha Ristovska
Keywords
Related Articles
- EP ID EP603201
- DOI 10.6007/IJARBSS/v7-i2/2630
- Views 72
- Downloads 0
Improving Teaching and Learning through Integration of Local Knowledge: A Case Study on Biodiversity Related Subjects
Biodiversity is one of the critical themes embedded within the national curriculum parallel with the National Biodiversity Policy. In the educational system, the binomial nomenclature is used in classifying the living or...
Archetypal Characters In Wayang Kulit Kelantan
The study specifically looks into the design aspects of the Kelantan shadow play or locally known as Wayang Kulit Kelantan (WKK). WKK is a traditional shadow play which involves a puppeteer, who is also the story teller....
Moderating Effect of Strategic Planning Intensity on Strategic Planning and Financial Performance of National Sport Federations in Kenya
Strategic Planning Intensity (SPI) enhances financial performance of organizations. Kenya national sports policy (2002) made it mandatory for National Sport Federations (NSFs) to integrate Strategic Planning (SP). Howeve...
Determinants of Innovative Performance in the Service Industry: A Review
The rising demand on quality product and services has contributed to more business opportunities and intense competition. Firms are trying all out to be innovative in their performance to stay competitive and ultimately...
Origin and Development of Key Religious Organizations in Kenya: Their Influence on Curriculum Implementation in Public Secondary Schools
Historically, religious organizations in Kenya have had great influence on education. Their participation has been viewed by stakeholders as either positive or negative. The objective of this study was establish the orig...