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A comparative investigation of the loyalty of conventional and Islamic bank customers in the UK. Compatibility of Islamic banking with halal tourism in Islamic countries- investigating rules, practices, challenges and limitations. The most essential features of this type of economic system are that it is interest-free and it works on the basis of equal responsibility in the safety and risk, thus equally sharing the profit and loss, unlike the traditional banking system that is founded on interest and which never shares the risk Ismal, Islamic banking is evolving as a new alternative for countries that are facing challenges due to current economic crisis Shashinpoor, In this context this research aims at verifying the role of Islamic banking in relation to current crisis in non Islamic banking.
The Industry of Islamic banking and finance is witnessing an unprecedented growth Djojosugito, The basic concept of Islamic economy is prohibition of riba usury , gambling and hoardings that is just opposite to the non Islamic banking.
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This concept of banking saves Islamic form of banking from critical conditions like economic slowdown. The Islamic economic system has a centuries-old history. Egypt was the pioneer in experimenting Islamic bank in the modern period. Set up in l, this worked in the form of a savings bank based on profit-sharing, and lasted until l Ready l98l , by which time there were nine such banks in the country. Without charging or paying interest, these banks mostly engaged, directly or in partnership with others, in trade and industry and shared the profits with their depositors Siddiqi l Presently, some countries like Iran, Pakistan and Sudan are attempting complete elimination of the role of interest from their financial systems, and many countries, including non-Muslim ones, are facilitating emergence of more and more Islamic banking and financial institutions.
Nowadays, it is considered as a strong tool to address the challenges of current economic crisis. Only these differences are responsible for the performance of these two forms of banking during crisis. The methods adopted by Islamic banks and financial systems regarding profit and risk sharing need to be assessed here. There is a clear divergence in practice from the initial theoretical formation of modern Islamic banks that focused on profit-sharing finance towards fixed-return modes such as murabahah and leasing.
Profit and risk sharing is not followed in non Islamic banking that pose a challenge to this form banking during economic crisis. The evaluation will be held through an analytical study of data of certain cases of a particular period dealt by three different Islamic banks in UAE. Islamic Banking is credible and safer in comparison to non Islamic banking to handle the current economic crisis.
The main objective of the research is to study Islamic Banking in relation to current crisis in non Islamic banking. It will also discuss the practicability of Islamic banking in day to day functioning system. The study also aims.
Islamic banking is identified as a different framework from Non Islamic banking. It is needed to analyze and evaluate Islamic banking in relation to the current crisis in Non-Banking financial system. The compliance of idealism or theory with practice will be studied through analyzing deposit and loan records of three various banks in UAE.
Ten such cases of will be considered from each bank. Literature on various aspects of Islamic banking and finance is aplenty.
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Other than presenting well-thought-out ideas, the early writers tried to think in this regard Qureshi l, Ahmad l Uzair l , Al-Arabi l and Irshad l were the pioneers of those invoked the principle of mudaraba based on Shariah though at various levels. However Siddiqi l was the first to provide a fairly detailed outline of Islamic banking.
Chapra also based his Islamic banking model on the mudaraba principle.
He argued on the role of artificial purchasing power through credit creation Chapra l The credit in drawing a detailed and elaborate framework of Islamic banking in a modern setting goes to Mohsin l , whose idea blend the characteristics of commercial, merchant, and development banks in a new way.
His model was designed in view of a capitalist environment, with suggestions that riba-free banks could coexist with interest-based banks. The Nasir Social Bank, established in Egypt in l97l, was declared an interest-free commercial bank, although its charter made no reference to Islam or Shariah Islamic law. The IDB provides fee- based financial services and profit-sharing financial assistance to member countries. The first attempt of the system in the west was in when the Islamic Banking System presently Islamic Finance House was established in Luxembourg.
They have also developed contracts like takaful, musharakah and others in view of other financial services such as payments of services, insurance, fund management, etc. While the conventional banks deal this through the rate of interest, Islamic banks have carved out alternative mechanisms for rewarding the capital and pricing the risk. Foundation of financing in Islamic bank would be Mudarabah and partnership and services will be provided without any charges.
According to his theory Islamic banking system is a feasible substitute of conventional banking system. Mohsin offered a new brief model of Islamic banking system in contemporary setting. His banking structure integrates the features of commercial, merchant, and development banks, mingle them in novel fashion.
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He include many non-banking services for example trust business, factoring, real estate and consultancy, as opinion that Islamic baking would be not stay alive with banking business alone. In accordance with the philosophy, culture and merit of Islam, the Islamic banking is describe as banking which is manage besides the conventional governance and risk management rules by the principle set down by Islamic Shariah. Interest free banking system is very fine perception that stands for with many banking instruments and operations, which keep away from interest. The ideology of the Islamic banking system is not only evading interest based transactions system which is proscribed in Islamic Shariah but also stay away from corrupt activities that contribute to accomplish the goals and objectives of an Islamic economy.
First Islamic bank was established in in Egypt. The activities of this bank were interest free but it was secret project that made no references to Islam as the establishment in power at that time was aggressive to any form of Islamization. In Dubai Islamic Bank was established, was a private initiative and it was established by Arab businessman.
In the beginning governments did not greet this effort because Islamic finance disagreed with their investments in World Bank to get higher interest rate. All these scenarios created a great need of substitute of investment either in Middle East or in Europe, at the same time system was carrying out in the Middle East and its development was enhanced in Europe to fulfil the requirements of Muslim investors. In Pakistan started Islamic banking and financial system. Pakistan was one of the major Countries among those countries in the world that had been trying to apply completely interest free banking system.
The prohibition against usury interest was in the Quran take place on a number of times and pointed out interest and the proposal to ignore coddle in this action in Christianity and Judaism to involves its survival and the troubles that it carried for the society. The feudal lord who by virtue charging higher interest rate according to the historian and had power over those were anxious need to finance their survival. In spite of the counsel beside this apply against the system offered. The contemporary financial technique be taught a tutorial from this spiritually guidance and fully struggled to implement a structure that was inadequate the level of usurious abuse.
To build the market of debt based upon competition which encourage unfair nature of usury which was supposed to be decided by the forces of market vie each other. Actually Debt to GDP ratio is the vigorous gauge for the countries who burden debt. Islamic financial and banking system depend on the Islamic economy system and the success ratio of this system could be determine in such a way that conventional banks start their Islamic windows not only in Muslims countries but also in the non-Muslim countries where Muslims are not dominated.
It is fairly true that Islamic banking system is depend upon risk —sharing. If the Islamic banks are stable to get Halal income, depositors as well get stable and Halal income definitely. Interest riba is proscribed in Islam either getting or giving interest, despite of what reason the loans are composed and what the rates on which interest will be charged.
This is the main opinion among Muslim scholars and all are agree on it that interest and riba is same thing. Amanah is placed to recognize the formation and deal out the financial services that are linked with the necessities of the Shariah Islamic Law. The basic ideology of Islamic banking is the sharing of profit and loss and the proscription of Riba Interest. Islamic banking has grown in the Muslim world and offer Islamic products and services to make sure that the procedure and practices of the bank abide by the sharpie principles.
HSBC logged the Amana banking because to make it possible for the Muslims to bank in accordance to their values and beliefs and they do not want to lose their Muslim customers in Islamic countries as a result of the emergence of Islamic banking. The western media suggest that Islamic banking in its present form is a recent phenomenon; in fact the basic practices and principles date back to the early part of the seventh century.
Islamic finance A Euromoney publication According to Khalaf Due to the different believes in Muslims community Islamic banking facing deficient in affirmation of decisions. Shortage of scholars is a big and serious issue in Islamic banking system because managers are not qualified and trained to practices the Islamic finance Iqbal, Ahmad and khan, Islamic banking has not a big network in UK and Islamic bank of Britain has only eight branches in whole UK which is not enough to fulfil the requirement of Muslim customers. The opening of Islamic window in conventional bank is a big threat.
Islamic banking needs to improve their services and keep priority of Islamic Sharia. Islamic banking has great opportunity to grow in UK. Because number of Muslims from different countries of world live in UK. Islamic banking is facing difficulties and challenges to growing in UK due to lack of understanding about Islamic banking in the customers and shortage of Islamic Scholars in UK.
Remenyi, Williams, Money and Swartz , explains the research process as consisting of eight specific phases, namely:.