this is the research article about concept of islamic banking that is an alternate to conventional banking. Drawbacks of conventional banking and aspects of islamic banking.
Islamic banking has grown significantly in recent decades, reaching $300 billion globally. This growth has been spurred by the large Muslim population worldwide and interest from conventional banks. Islamic banking prohibits interest and gambling, and requires profit/loss sharing and sharia compliance. It offers alternatives to conventional financing through modes like joint ventures, leasing, and Islamic bonds. Major milestones in its development include the Islamic Development Bank in 1975, the AAOIFI in 1990, and the IFSB in 2002.
Challenges facing the development of islamic bankingAlexander Decker
This document summarizes the challenges facing the development of Islamic banking in Kenya based on a case study of four Islamic banks. The key challenges identified are:
1) Lack of a supportive legal framework for Islamic banking, as commercial and banking laws are based on interest and prohibit some Islamic banking practices.
2) Need for specialized Islamic banking courts and amendments to existing laws to accommodate Islamic banking principles and resolve disputes.
3) Absence of dedicated Islamic banking laws results in Islamic banking contracts being treated as conventional and taxed twice.
The document discusses Islamic banking and its principles and concepts. It provides background on the origins of Islamic banking in Egypt in 1963 and outlines some of the key differences from conventional banking, such as prohibitions on riba (interest) and investing in industries like alcohol or gambling. It defines common Islamic banking contracts and instruments like murabahah, mudarabah, and ijara. It also notes that while Islamic banking has grown significantly in many Muslim-majority countries, establishing it in India could help address the needs of its large Muslim population and attract their savings within the banking system.
Islamic banking is gaining popularity globally as an interest-free alternative to conventional banking that complies with Sharia (Islamic law). Some key financing models used in Islamic banking include Mudarabah (profit-loss sharing), Murabahah (cost-plus sale), and Ijarah (leasing). While Islamic banks operate similarly to conventional banks in mobilizing deposits and allocating funds, they prohibit interest and invest funds using Sharia-compliant contracts. The emergence of Islamic banking has provided an innovative financial system, though it faces challenges in developing new products to better compete with conventional banks.
The document provides an introduction to Islamic banking, including key differences from conventional banking. It discusses that Islamic banking prohibits interest (riba) and is based on risk-sharing. It summarizes some of the main contracts used in Islamic financing like mudarabah, murabaha, and ijara. It also outlines the nature of deposits in Islamic banks, current challenges facing the industry like increased competition and need for financial engineering, and concludes with worldwide growth statistics for Islamic banking.
This document is a project report submitted by Rashida Ansari to her professor Nishikant Jha on the topic of Islamic banking. It includes an introduction outlining the objectives and methodology of the project. The project provides information on the history and concepts of Islamic banking, which prohibits interest and is based on profit and loss sharing. It also discusses the sources and uses of funds for Islamic banks and provides examples of Islamic banking practices in various countries.
The document provides an overview of Islamic finance and banking. It defines Islamic finance as financial business that complies with Shariah (Islamic law) and avoids elements like interest, gambling, and uncertainty. It discusses the history and concepts of Islamic banking, highlighting that relationships are based on profit and loss sharing rather than debt. Common Islamic banking products and contracts are explained such as Murabahah, Mudarabah, Musharakah, Ijara, Salam and Sukuk. The global growth of the industry is summarized. In conclusion, it is stated that Islamic banking has grown significantly in the last 40 years while adhering to risk-sharing models of finance.
Islamic banking has grown significantly in recent decades, reaching $300 billion globally. This growth has been spurred by the large Muslim population worldwide and interest from conventional banks. Islamic banking prohibits interest and gambling, and requires profit/loss sharing and sharia compliance. It offers alternatives to conventional financing through modes like joint ventures, leasing, and Islamic bonds. Major milestones in its development include the Islamic Development Bank in 1975, the AAOIFI in 1990, and the IFSB in 2002.
Challenges facing the development of islamic bankingAlexander Decker
This document summarizes the challenges facing the development of Islamic banking in Kenya based on a case study of four Islamic banks. The key challenges identified are:
1) Lack of a supportive legal framework for Islamic banking, as commercial and banking laws are based on interest and prohibit some Islamic banking practices.
2) Need for specialized Islamic banking courts and amendments to existing laws to accommodate Islamic banking principles and resolve disputes.
3) Absence of dedicated Islamic banking laws results in Islamic banking contracts being treated as conventional and taxed twice.
The document discusses Islamic banking and its principles and concepts. It provides background on the origins of Islamic banking in Egypt in 1963 and outlines some of the key differences from conventional banking, such as prohibitions on riba (interest) and investing in industries like alcohol or gambling. It defines common Islamic banking contracts and instruments like murabahah, mudarabah, and ijara. It also notes that while Islamic banking has grown significantly in many Muslim-majority countries, establishing it in India could help address the needs of its large Muslim population and attract their savings within the banking system.
Islamic banking is gaining popularity globally as an interest-free alternative to conventional banking that complies with Sharia (Islamic law). Some key financing models used in Islamic banking include Mudarabah (profit-loss sharing), Murabahah (cost-plus sale), and Ijarah (leasing). While Islamic banks operate similarly to conventional banks in mobilizing deposits and allocating funds, they prohibit interest and invest funds using Sharia-compliant contracts. The emergence of Islamic banking has provided an innovative financial system, though it faces challenges in developing new products to better compete with conventional banks.
The document provides an introduction to Islamic banking, including key differences from conventional banking. It discusses that Islamic banking prohibits interest (riba) and is based on risk-sharing. It summarizes some of the main contracts used in Islamic financing like mudarabah, murabaha, and ijara. It also outlines the nature of deposits in Islamic banks, current challenges facing the industry like increased competition and need for financial engineering, and concludes with worldwide growth statistics for Islamic banking.
This document is a project report submitted by Rashida Ansari to her professor Nishikant Jha on the topic of Islamic banking. It includes an introduction outlining the objectives and methodology of the project. The project provides information on the history and concepts of Islamic banking, which prohibits interest and is based on profit and loss sharing. It also discusses the sources and uses of funds for Islamic banks and provides examples of Islamic banking practices in various countries.
The document provides an overview of Islamic finance and banking. It defines Islamic finance as financial business that complies with Shariah (Islamic law) and avoids elements like interest, gambling, and uncertainty. It discusses the history and concepts of Islamic banking, highlighting that relationships are based on profit and loss sharing rather than debt. Common Islamic banking products and contracts are explained such as Murabahah, Mudarabah, Musharakah, Ijara, Salam and Sukuk. The global growth of the industry is summarized. In conclusion, it is stated that Islamic banking has grown significantly in the last 40 years while adhering to risk-sharing models of finance.
This document discusses the concepts of Bait-al-Maal (Door of Wealth) and Massraf houses in Islamic banking. It provides background on how the concept of Bait-al-Maal emerged after the death of Prophet Muhammad to keep money and goods, and how it relates to the functions of modern banks. The document also contrasts the priorities and principles of conventional banks, which focus on earning interest and wealth accumulation, with Massraf houses, which are based on Islamic principles of profit and loss sharing and promoting socio-economic development of communities over individual profit. The conclusion is that the foundations of Massraf houses conflict with interest-based conventional banking systems that are not compliant with Islamic teachings.
The search for alternatives to conventional
banking in the aftermath of the global financial
crisis trained the spotlights on Islamic banking
in many parts of the world.
- ThoughPaper by Infosys
This document provides an introduction and background on Islami Bank Bangladesh Limited (IBBL). Some key points:
- IBBL was established in 1983 as the first interest-free bank in Bangladesh, inspired by the desire of Bangladeshis to conduct banking according to Islamic principles.
- It has grown to be a leading private commercial bank in Bangladesh, with over 200 branches across the country.
- IBBL aims to establish an equitable, welfare-oriented banking system and contribute to Bangladesh's economic development, including priority sectors and rural areas.
- It has played an important role in industrial financing, employment generation, and providing services to low-income communities in Bangladesh.
Islamic banking is a banking system based on Islamic law and guided by Islamic economics. Two key principles are profit and loss sharing and a prohibition on collecting or paying interest. While Islamic banks have mobilized billions, they lack an interest-free system for advancing loans, so often obtain liquidity loans from conventional banks. Professor Shaikh Mahmud Ahmad devised an instrument called Time Multiple Counter Loan (TMCL) to perform financial intermediation without interest in accordance with Islamic principles.
The document provides an overview of Islamic finance and banking. It begins with definitions of Islamic finance and an introduction to Islamic banking principles. It then contrasts conventional and Islamic banking, outlining some key differences such as the prohibition of interest in Islamic banking. The document outlines several principles of Islamic finance including risk sharing and ensuring economic activities are permissible. It also defines several common Islamic financial instruments and provides a brief history of Islamic banking since the 1960s.
The document provides an overview of Islamic finance and banking. It begins with definitions of Islamic finance and an introduction to Islamic banking principles. It then contrasts conventional and Islamic banking, outlining some key differences such as the prohibition of interest in Islamic banking. The document outlines several principles of Islamic finance, including risk sharing and economic activity. It also describes some common Islamic financial instruments and the history of Islamic banking since the 1960s.
The document provides an overview of Islamic banking concepts and practices. It defines Islamic banking as a system based on Islamic law that follows the rules of Fiqh Muamalat. The key practices discussed include Murabahah, Mudarabah, Musharakah, Ijarah, Istisna, and Qard which are based on trade, equity participation and service. The document also contrasts Islamic and conventional banking, highlighting that Islamic banking prohibits interest and involves profit and loss sharing.
This document provides an overview of Islamic banking through a presentation by several members. It begins with an introduction to Islamic banking principles such as prohibiting interest and encouraging profit and loss sharing. It then discusses various Islamic financing modes like murabaha, ijara, musharakah, and sukuk. The document also covers the history and development of Islamic banking, current practices in countries like the UK, and challenges related to standardization and a shortage of qualified scholars and professionals.
The document provides an overview of Islamic banking, including its key concepts, history, differences from conventional banking, common financial contracts and products, future landscape, and challenges. The main points covered are:
1. Islamic banking is based on Sharia principles which prohibit riba (interest), gharar (uncertainty), and maisir (gambling). It aims to be asset-backed and promote risk-sharing.
2. Islamic banking has existed since the birth of Islam but modern Islamic banks first emerged in the 1960s-1970s. There are now over 600 Islamic banks worldwide managing over $1.4 trillion in assets.
3. Islamic banking differs from conventional banking in that it is based on partnership
What islamic banking (ali) Mohammad.Ali.MianAli Mian
This document provides an overview of Islamic banking, including its basic principles, functions, and differences from conventional banking. Islamic banking aims to conduct banking in accordance with Sharia (Islamic law), avoiding interest and complying with principles of fairness and risk-sharing. It utilizes financing structures like murabaha, musharakah, and ijara. While Islamic and conventional banks share the goal of financial intermediation, Islamic banking distinguishes itself by operating according to religious principles and distributing profits and risks between parties. The presentation also reviews the growth of Islamic banking globally since the 1970s.
Overview on IBBPLC the First Shariah Based Bak of South Aisa.pdfArfanAhmed22
This document provides an overview of Islamic banking in Bangladesh. It discusses the history and evolution of Islamic banking from its founding principles in the 1950s to its current state. Some key points:
- Bangladesh has over 2,300 Islamic banking branches and windows serving over 4 million customers, with total deposits and investments of over $43 billion and $29 billion respectively.
- Islamic banks in Bangladesh focus on socially responsible financing including agriculture, SMEs, housing, and poverty alleviation. They also provide various deposit products to promote causes like Hajj and waqf.
- The future of Islamic banking in Bangladesh looks promising due to the large Muslim population, growing demand, and central bank support through regulatory reforms and
Overview on IBBPLC the First Shariah Based Bak of South Aisa.pdfArfanAhmed22
This document provides an overview of Islamic banking in Bangladesh. It discusses the history and evolution of Islamic banking from its founding principles in the 1950s to its current state. Some key points:
- Bangladesh has over 2,300 Islamic banking branches and windows serving over 4 million customers, with total deposits and investments of over $43 billion and $29 billion respectively.
- Islamic banks in Bangladesh focus on socially responsible financing including agriculture, SMEs, housing, and poverty alleviation. They also provide various deposit products to promote causes like Hajj and waqf.
- The future of Islamic banking in Bangladesh looks promising due to the large Muslim population, growing demand, and central bank support through regulatory reforms and
islamic banking Financial Markets and InstitutionsAdvaldo CM
This document provides an overview of Islamic banking. It discusses the foundations and rules of Islamic banking, which are based on prohibitions against riba (interest), gharar (uncertainty), and maysir (gambling). Permissible activities must be halal and financial institutions must collect zakat. Common Islamic financial contracts include mudaraba, musharaka, and murabaha. The document also provides a brief history of the first Islamic bank in Turkey, Albaraka Turk.
This document discusses Islamic microfinance cooperatives as a means to meet the financial needs of communities. It provides an overview of microfinance and its evolution, then discusses Islamic microfinance models including village banks, qard al-hasan, and the Grameen Bank model. The cooperative movement and credit unions are examined as viable structures for Islamic microfinance. The document presents the case study of Al Barakah Multi-purpose Cooperative Society in Mauritius, which operates as an Islamic microfinance cooperative providing various financial products and services in accordance with Islamic principles. Challenges and opportunities for projects with Al Barakah are also mentioned.
Islamic banking provides interest-free banking that complies with Shariah law. It distinguishes itself from conventional banking by being asset-backed and avoiding interest, gambling and excessive uncertainty. The presentation provided an overview of Islamic banking principles and operations, including how it has grown in Pakistan and internationally in recent years. Islamic banking aims to achieve well-being for all in accordance with divine guidance.
This document summarizes a presentation on how Islamic microfinance can facilitate rural finance. It defines microfinance and Islamic microfinance, discusses their objectives and sources. It provides an overview of the global Islamic microfinance industry and explains why Islamic microfinance is needed in rural areas, citing opportunities and challenges. It discusses the current state of rural finance in Nigeria and Africa, and how Islamic microfinance could help by providing Shariah-compliant products and services, investing in infrastructure, and addressing gender disparities to promote greater financial inclusion and sustainability.
Islamic banking is expanding from the Gulf to India. It prohibits interest and investing in businesses like alcohol or pornography. Products include profit-sharing models like mudarabah and murabahah. Regulatory issues include existing Indian banking laws not fully accommodating practices like ijarah leases. Overall, Islamic banking has potential in India given its diversity, though interest-free options already exist within the current banking system.
The document discusses the concepts of Islamic banking (Massraf) versus conventional interest-based banking. It explains that Massraf aims to unite capital, labor, and goods for socio-economic development through financial products like partnerships and asset financing, without interest. Massraf views savers as partners in investment rather than just depositors, and reinvests funds for economic and social betterment. The document also outlines the original social objectives of the first Islamic bank in Egypt in 1960, and principles of transparency, social justice and partnership that Islamic banking is based on.
What is the trust of consumer toward the Islamic bankingAwais Sargana
This report summarizes research on consumer trust toward Islamic banking. A questionnaire was administered to 100 respondents to understand their awareness and perceptions. The results found that most people are aware of how Islamic banking operates without interest. Respondents also understood the religious and financial benefits of Islamic banking. The report recommends that Islamic banks increase education on their principles to further build trust. Overall, the research found that greater awareness leads to more positive perceptions of Islamic banking.
This document discusses the concepts of Bait-al-Maal (Door of Wealth) and Massraf houses in Islamic banking. It provides background on how the concept of Bait-al-Maal emerged after the death of Prophet Muhammad to keep money and goods, and how it relates to the functions of modern banks. The document also contrasts the priorities and principles of conventional banks, which focus on earning interest and wealth accumulation, with Massraf houses, which are based on Islamic principles of profit and loss sharing and promoting socio-economic development of communities over individual profit. The conclusion is that the foundations of Massraf houses conflict with interest-based conventional banking systems that are not compliant with Islamic teachings.
The search for alternatives to conventional
banking in the aftermath of the global financial
crisis trained the spotlights on Islamic banking
in many parts of the world.
- ThoughPaper by Infosys
This document provides an introduction and background on Islami Bank Bangladesh Limited (IBBL). Some key points:
- IBBL was established in 1983 as the first interest-free bank in Bangladesh, inspired by the desire of Bangladeshis to conduct banking according to Islamic principles.
- It has grown to be a leading private commercial bank in Bangladesh, with over 200 branches across the country.
- IBBL aims to establish an equitable, welfare-oriented banking system and contribute to Bangladesh's economic development, including priority sectors and rural areas.
- It has played an important role in industrial financing, employment generation, and providing services to low-income communities in Bangladesh.
Islamic banking is a banking system based on Islamic law and guided by Islamic economics. Two key principles are profit and loss sharing and a prohibition on collecting or paying interest. While Islamic banks have mobilized billions, they lack an interest-free system for advancing loans, so often obtain liquidity loans from conventional banks. Professor Shaikh Mahmud Ahmad devised an instrument called Time Multiple Counter Loan (TMCL) to perform financial intermediation without interest in accordance with Islamic principles.
The document provides an overview of Islamic finance and banking. It begins with definitions of Islamic finance and an introduction to Islamic banking principles. It then contrasts conventional and Islamic banking, outlining some key differences such as the prohibition of interest in Islamic banking. The document outlines several principles of Islamic finance including risk sharing and ensuring economic activities are permissible. It also defines several common Islamic financial instruments and provides a brief history of Islamic banking since the 1960s.
The document provides an overview of Islamic finance and banking. It begins with definitions of Islamic finance and an introduction to Islamic banking principles. It then contrasts conventional and Islamic banking, outlining some key differences such as the prohibition of interest in Islamic banking. The document outlines several principles of Islamic finance, including risk sharing and economic activity. It also describes some common Islamic financial instruments and the history of Islamic banking since the 1960s.
The document provides an overview of Islamic banking concepts and practices. It defines Islamic banking as a system based on Islamic law that follows the rules of Fiqh Muamalat. The key practices discussed include Murabahah, Mudarabah, Musharakah, Ijarah, Istisna, and Qard which are based on trade, equity participation and service. The document also contrasts Islamic and conventional banking, highlighting that Islamic banking prohibits interest and involves profit and loss sharing.
This document provides an overview of Islamic banking through a presentation by several members. It begins with an introduction to Islamic banking principles such as prohibiting interest and encouraging profit and loss sharing. It then discusses various Islamic financing modes like murabaha, ijara, musharakah, and sukuk. The document also covers the history and development of Islamic banking, current practices in countries like the UK, and challenges related to standardization and a shortage of qualified scholars and professionals.
The document provides an overview of Islamic banking, including its key concepts, history, differences from conventional banking, common financial contracts and products, future landscape, and challenges. The main points covered are:
1. Islamic banking is based on Sharia principles which prohibit riba (interest), gharar (uncertainty), and maisir (gambling). It aims to be asset-backed and promote risk-sharing.
2. Islamic banking has existed since the birth of Islam but modern Islamic banks first emerged in the 1960s-1970s. There are now over 600 Islamic banks worldwide managing over $1.4 trillion in assets.
3. Islamic banking differs from conventional banking in that it is based on partnership
What islamic banking (ali) Mohammad.Ali.MianAli Mian
This document provides an overview of Islamic banking, including its basic principles, functions, and differences from conventional banking. Islamic banking aims to conduct banking in accordance with Sharia (Islamic law), avoiding interest and complying with principles of fairness and risk-sharing. It utilizes financing structures like murabaha, musharakah, and ijara. While Islamic and conventional banks share the goal of financial intermediation, Islamic banking distinguishes itself by operating according to religious principles and distributing profits and risks between parties. The presentation also reviews the growth of Islamic banking globally since the 1970s.
Overview on IBBPLC the First Shariah Based Bak of South Aisa.pdfArfanAhmed22
This document provides an overview of Islamic banking in Bangladesh. It discusses the history and evolution of Islamic banking from its founding principles in the 1950s to its current state. Some key points:
- Bangladesh has over 2,300 Islamic banking branches and windows serving over 4 million customers, with total deposits and investments of over $43 billion and $29 billion respectively.
- Islamic banks in Bangladesh focus on socially responsible financing including agriculture, SMEs, housing, and poverty alleviation. They also provide various deposit products to promote causes like Hajj and waqf.
- The future of Islamic banking in Bangladesh looks promising due to the large Muslim population, growing demand, and central bank support through regulatory reforms and
Overview on IBBPLC the First Shariah Based Bak of South Aisa.pdfArfanAhmed22
This document provides an overview of Islamic banking in Bangladesh. It discusses the history and evolution of Islamic banking from its founding principles in the 1950s to its current state. Some key points:
- Bangladesh has over 2,300 Islamic banking branches and windows serving over 4 million customers, with total deposits and investments of over $43 billion and $29 billion respectively.
- Islamic banks in Bangladesh focus on socially responsible financing including agriculture, SMEs, housing, and poverty alleviation. They also provide various deposit products to promote causes like Hajj and waqf.
- The future of Islamic banking in Bangladesh looks promising due to the large Muslim population, growing demand, and central bank support through regulatory reforms and
islamic banking Financial Markets and InstitutionsAdvaldo CM
This document provides an overview of Islamic banking. It discusses the foundations and rules of Islamic banking, which are based on prohibitions against riba (interest), gharar (uncertainty), and maysir (gambling). Permissible activities must be halal and financial institutions must collect zakat. Common Islamic financial contracts include mudaraba, musharaka, and murabaha. The document also provides a brief history of the first Islamic bank in Turkey, Albaraka Turk.
This document discusses Islamic microfinance cooperatives as a means to meet the financial needs of communities. It provides an overview of microfinance and its evolution, then discusses Islamic microfinance models including village banks, qard al-hasan, and the Grameen Bank model. The cooperative movement and credit unions are examined as viable structures for Islamic microfinance. The document presents the case study of Al Barakah Multi-purpose Cooperative Society in Mauritius, which operates as an Islamic microfinance cooperative providing various financial products and services in accordance with Islamic principles. Challenges and opportunities for projects with Al Barakah are also mentioned.
Islamic banking provides interest-free banking that complies with Shariah law. It distinguishes itself from conventional banking by being asset-backed and avoiding interest, gambling and excessive uncertainty. The presentation provided an overview of Islamic banking principles and operations, including how it has grown in Pakistan and internationally in recent years. Islamic banking aims to achieve well-being for all in accordance with divine guidance.
This document summarizes a presentation on how Islamic microfinance can facilitate rural finance. It defines microfinance and Islamic microfinance, discusses their objectives and sources. It provides an overview of the global Islamic microfinance industry and explains why Islamic microfinance is needed in rural areas, citing opportunities and challenges. It discusses the current state of rural finance in Nigeria and Africa, and how Islamic microfinance could help by providing Shariah-compliant products and services, investing in infrastructure, and addressing gender disparities to promote greater financial inclusion and sustainability.
Islamic banking is expanding from the Gulf to India. It prohibits interest and investing in businesses like alcohol or pornography. Products include profit-sharing models like mudarabah and murabahah. Regulatory issues include existing Indian banking laws not fully accommodating practices like ijarah leases. Overall, Islamic banking has potential in India given its diversity, though interest-free options already exist within the current banking system.
The document discusses the concepts of Islamic banking (Massraf) versus conventional interest-based banking. It explains that Massraf aims to unite capital, labor, and goods for socio-economic development through financial products like partnerships and asset financing, without interest. Massraf views savers as partners in investment rather than just depositors, and reinvests funds for economic and social betterment. The document also outlines the original social objectives of the first Islamic bank in Egypt in 1960, and principles of transparency, social justice and partnership that Islamic banking is based on.
What is the trust of consumer toward the Islamic bankingAwais Sargana
This report summarizes research on consumer trust toward Islamic banking. A questionnaire was administered to 100 respondents to understand their awareness and perceptions. The results found that most people are aware of how Islamic banking operates without interest. Respondents also understood the religious and financial benefits of Islamic banking. The report recommends that Islamic banks increase education on their principles to further build trust. Overall, the research found that greater awareness leads to more positive perceptions of Islamic banking.
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concept of islamic banking that is an alternate to conventional banking.pdf
1. Assignment
Submitted to Sir Fida
Submitted by Urooj Fatima
Semester 3rd (Morning)
Section B
Session 2018-2022
Subject English
Department Zoology
2. Concept of Islamic Banking: A True
Alternative to Interest Based Conventional
Banking
3. Introduction
• Banking in conventional sense is the process of accepting, , for the purpose of
lending or investment, of deposits of money from the public, repayable on demand.
• The principal function of a Bank is to bring into a common pool of idle money of
the general public, for the purpose to gain a return in the form of interest, fee and
dividends in making advances and providing services to others.
• Interest(Riba) is strictly prohibited in Islam and hence there can be no banking
system in Islam as Interest.
• An Islamic bank is a financial institution which identifies itself with the spirit of
Shariah, as laid down by the Holy Qur'an and Sunnah, as regards its objectives,
principles, practices and operations.
4. • Islamic banking has made it possible to keep the people away from the interest as
well as to address all the banking needs simultaneously and has become an ideal
alternative to the interest-based conventional banking worldwide.
• Interest free element is the distinguishing feature of Islamic banking, apart from
two elements being vital in Islamic Banking i.e. equal distribution of income and
wealth, and increase in equity participation of economy.
• Islamic banking because of its value-orientated ethos enables it to draw finances
from both Muslims and non-Muslims alike.
5. Research Objective
• How Islamic banking system is different from conventional banking system?
• What are the main aspects of Islamic banking?
• What are the drawbacks of conventional banking system?
6. Literature Review
• Evolution of Islamic banking:
1. Started from Egypt due to efforts of Ahmed El Najjar in 1963, 'Mit-Ghamr Islamic
Savings Bank (MISB) established, this bank is regarded as the first Islamic bank in the
world (The Financial Express, 2015).
2. In 1971, Nasir social bank was established and named as interest free commercial bank.
• Prohibition of Riba is the fundamental governing principle of Islamic Financing and this is
stated in the Qur’an.
“Those who devour Riba (Interest) will not stand except as stands one whom devil hath driven
to madness by (his) touch”.(Surah Al Baqarah 2:275)
7. • Riba is forbidden because it (a) corrupts society, (b) implies improper appropriation
of other people's property, (c) acts such a way which ultimate effect is negative
growth, (d) demeans and diminishes human personality, and (e) is unjust (Siddiqi,
2004).
• Narrated by Jabir ”: The Prophet cursed the receiver and the payer of interest, the
one who records it and the two witnesses to the transaction and said: "They are all
alike [in guilt]. (Muslim 3;1219)
• Islamic banks do not allow or assist in any excessive risky work like 'Gharar' or
'Mysir' as they are not Shariah compliant and forbidden in Islam for their excessive
risk or absolute uncertainty (Arman, 2013).
8. Research Methodology
• Qualitative research
• Document analysis
• Descriptive research
• Based on prior literature and secondary information
9. Refrences
• Justice Muhammad Taqi Usmani, 1998, ‘The Adverse effect of interest on Society’.
• Mahnmoud Amin El-Gamal, 2000, ‘A Basic guide to Contemporary Islamic
Banking and Finance’.
• M. Muslehuddin Dr. 2008, ‘Banking and Islamic Law’.
• Official Website of Institute of Islamic Banking and Insurance
• M. and Khatun, M. (2013). The compliance with Shariah Governance system of
AAOIFI: A study on Islamic Banks Bangladesh
• Akbar C. S. (31 March 2015). Islamic banking: History and development, The
Financial Express.