Islamic Banking In Pakistan

Author by : Feisal Khan
Languange : en
Publisher by : Routledge
Format Available : PDF, ePub, Mobi
Total Read : 61
Total Download : 550
File Size : 55,7 Mb
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Description : Islamic Banking and Finance (IBF) has become a growing force over the past three decades, with Pakistan being one of the IBF pioneers by converting to an ‘interest-free’ banking system in 1985. However, since independence in 1947, there has been continual tension over Pakistan’s essential character, between Islamic Minimalists, who favour a Modernist interpretation of Islam, and those who favour an Islamic Maximalist interpretation that sees Pakistan as a model Islamic state. This book analyses the push to Islamize Pakistan and its financial system by Islamic revivalists, following the early 1947 debates in the original Constituent Assembly to the final 2002 ruling on IBF of the Shariat Appellate Bench of the Pakistan Supreme Court. It examines the practice and theory behind contemporary Islamic, "Shariah-compliant", banking. It offers extensive interviews with Pakistani Islamic bankers on the state of their industry and how they see it developing, and provides analysis on how the Islamic banks’ customers differ from those of conventional ones. Presenting a critical analysis of Pakistan’s IBF experience and offering a new insight into Pakistan’s banking industry that illustrates broader political and social trends in the country, this book will be of interest to specialists on Islam, South Asia and International Economics.


Developments In Islamic Banking

Author by : M. Khan
Languange : en
Publisher by : Springer
Format Available : PDF, ePub, Mobi
Total Read : 70
Total Download : 962
File Size : 48,9 Mb
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Description : This book explores the theoretical and practical features of Islamic banking. Using Pakistan as a detailed illustration, the text discusses recent developments and future prospects, demonstrating the model underpinning interest-free banking. It assesses the practical success of interest-free banking at both individual banks and state level.


Islamic Banking And Finance

Author by : Muhammad Ayub (Banker)
Languange : en
Publisher by : Unknown
Format Available : PDF, ePub, Mobi
Total Read : 31
Total Download : 133
File Size : 53,7 Mb
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Description :


Islamic Banking

Author by : Mohsin S. Khan
Languange : en
Publisher by : Unknown
Format Available : PDF, ePub, Mobi
Total Read : 50
Total Download : 363
File Size : 41,6 Mb
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Description :


Factors Affecting Performance Of Banks A Comparative Study Of Islamic And Conventional Banks In Pakistan

Author by : Muhammad Ejaz Sandhu
Languange : en
Publisher by : Unknown
Format Available : PDF, ePub, Mobi
Total Read : 20
Total Download : 819
File Size : 42,5 Mb
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Description : Banking sector is an important part of a country's economy. They play very vital role for development of a developing country like Pakistan. In Pakistan, Islamic Banking was started properly in 2002 with Meezan Bank Ltd. and after that it was developed gradually. Up to 2012, there were 7 full fledge Islamic Banks working in Pakistan, and at present there are only 5 full fledge Islamic Banks are left. Now all conventional Banks are also trying to shift toward Islamic Banking day by day, but still there is no fast growth of Islamic Banking in Pakistan. Conventional Banks have got a good growth in the country during last 2 decades, because they earned a good profits from banking business. On the other hand, Islamic Banks in Pakistan are not earning a good profit. Most of the Banks are suffering from Losses from last few years. Only Meezan Bank is one Islamic Bank in the country, which is earning good profits regularly. Whereas other Pure Islamic Banks are facing continuous losses. It can be seen from the financial statements of all Islamic Banks for last many years.


Islamic Banking

Author by : International Monetary Fund
Languange : en
Publisher by : International Monetary Fund
Format Available : PDF, ePub, Mobi
Total Read : 65
Total Download : 711
File Size : 40,9 Mb
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Description : In an Islamic system, as interest is prohibited, banks are expected to operate solely on the basis of profit and risk sharing. This paper describes the developments in Islamic banking in Iran and Pakistan. As these two countries have initiated the most far-reaching experiments with Islamic banking, their experiences have a significant bearing on the feasibility of such a system. The developments in these countries are evaluated against the theory underlying the Islamic banking, and suggestions are made to achieve a more efficient system.


Principles Of Islamic Interest Free Banking In Pakistan

Author by : Avais Pervez
Languange : en
Publisher by : LAP Lambert Academic Publishing
Format Available : PDF, ePub, Mobi
Total Read : 62
Total Download : 982
File Size : 41,7 Mb
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Description : Islamic Banking, the Shariah (Islamic law) compliant banking for Muslims, is unarguably at the nascent stage of its development as a financial competitor and alternative to the conventional interest - based banking system practiced around the world. This research work looks into the principles of Islamic banks of Pakistan and focusing three Islamic Banks in Pakistan. The research work analyzes the findings of three banks made by interviews and compare with the conventional banking system, to check that are the principles different or same. This thesis is qualitative in nature, based on theoretical and empirical findings.


Non Interest Banking In Pakistan

Author by : Abdul Jabbar Khan
Languange : en
Publisher by : Unknown
Format Available : PDF, ePub, Mobi
Total Read : 31
Total Download : 504
File Size : 55,9 Mb
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Islamic Banking

Author by : Mr.Zubair Iqbal
Languange : en
Publisher by : International Monetary Fund
Format Available : PDF, ePub, Mobi
Total Read : 47
Total Download : 855
File Size : 41,9 Mb
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Description : This study was prepared by Zubair Iqbal of the Middle Eastern Department and Abbas Mirakhor of the Research Department. To collect information and views for the study, the authors held discussions with the authorities and representatives of commercial banks in the Islamic Republic of Iran and in Pakistan.


Islamic Banking Opportunities Across Small And Medium Enterprises

Author by : International Finance Corporation
Languange : en
Publisher by : Unknown
Format Available : PDF, ePub, Mobi
Total Read : 59
Total Download : 851
File Size : 41,7 Mb
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Description : In recent years, banks in Pakistan and the Middle East and North Africa (MENA) region have become increasingly interested in targeting the small and medium enterprise (SME) sector and have realized that many small businesses demand Shariah-compliant banking. To provide clarity on the subject, International Finance Corporation (IFC) commissioned a study to better understand the demand and supply for Islamic banking products (both asset and liability products as well as other banking services) in the SME sector in Pakistan. This report on Pakistan reveals a new to bank Islamic funding and depository opportunity, primarily due to un-served and underserved SMEs (approximately 20 percent to 25 percent), who do not borrow from conventional banks due to religious reasons. In order to reach out to SMEs demanding Islamic products, and as part of IFC's initiative to enhance its SME investment and advisory services offerings to Islamic financial institutions, one needed to better understand the market from both the demand and supply sides in order to identify any gaps or niches where IFC can assist and add value. IFC commissioned a study in nine countries of the MENA region, which includes Pakistan, to better understand the demand and supply for Islamic banking products (both asset and liability products and other banking services) in the SME sector. The countries chosen for this study are: (1) Iraq, (2) Pakistan, (3) Yemen, (4) Kingdom of Saudi Arabia, (5) Egypt, (6) Lebanon, (7) Morocco, (8) Tunisia, and (9) Jordan. This regional executive summary provides a comparative analysis of the SME potential across these countries and the opportunities available to Islamic institutions to tap this potential. The nine individual country reports provide a deeper insight into the SME landscape and potential opportunities for Islamic banks in each country. The reports also highlight the measures that banks may need to take to successfully target the Islamic banking potential of SMEs. For more publications on IFC Sustainability please visit www.ifc.org/sustainabilitypublications.


Corporate Governance In The Islamic Banking System In Pakistan

Author by : Hussain G. Rammal
Languange : en
Publisher by : Unknown
Format Available : PDF, ePub, Mobi
Total Read : 39
Total Download : 851
File Size : 50,8 Mb
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Description : Since it was launched commercially in the 1970's, Islamic finance has grown at a rapid rate. Today Islamic banks are operating in nearly all Muslim countries and many non-Muslim countries. To ensure that Islamic financial institutions comply with the religious requirements, banks are required to utilise the services of a Shari'ah Supervisory Board (SSB). These SSBs consist of a number of Shari'ah (Islamic law) scholars who conduct internal religious audit in Islamic financial institutions and are required to approve the Shari'ah compliance of new financial products before they are launched commercially. This study addresses the issues of accountability and governance in Islamic financial institutions in Pakistan, and investigates the roles and responsibilities of the SSBs and Shari'ah advisors. For the purpose of this study, the field-based case study method was applied and primary data was collected using semi-structured face-to-face interviews that were conducted over a period of five years with individuals from the Pakistani banking sector. Additional information was sourced from historical documents, State Bank of Pakistan directives and relevant court cases that involved the Pakistani Islamic Banking sector. Thematic analysis of the data reveals that there is a worldwide shortage of competent Shari'ah advisors in the Islamic finance sector. The training of new Shari'ah advisors in Pakistan is affected by the lack of educational infrastructure and the lengthy time period required for training in Islamic jurisprudence. This has resulted in banks hiring individuals as Shari'ah scholars who are members of SSBs in more than one banking institution, thereby raising concerns about conflict of interest. The findings also detail the process by which SSBs and Shari'ah advisors ensure that Islamic financial institutions are accountable for their Shari'ah operations. The SSBs are required to verify that the operations of the banks are in conformity with religious law, and to impose the suggested penalties in case of non-compliance. Finally, in comparison with existing national Shari'ah governance models in the Middle East and South-East Asia, the study evaluates the new Shari'ah governance and application model for Islamic financial institutions that has been enforced by the State Bank of Pakistan. This model is seen as the first step towards the implementation in Pakistan of the Shari'ah governance requirements put forth by the Accounting and Auditing Organization of Islamic Financial Institutions (AAOIFI), the global regulatory body for Islamic financial institutions.


Islamic Banking In Pakistan

Author by : Feisal Khan
Languange : en
Publisher by : Routledge
Format Available : PDF, ePub, Mobi
Total Read : 66
Total Download : 372
File Size : 54,6 Mb
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Description : Islamic Banking and Finance (IBF) has become a growing force over the past three decades, with Pakistan being one of the IBF pioneers by converting to an ‘interest-free’ banking system in 1985. However, since independence in 1947, there has been continual tension over Pakistan’s essential character, between Islamic Minimalists, who favour a Modernist interpretation of Islam, and those who favour an Islamic Maximalist interpretation that sees Pakistan as a model Islamic state. This book analyses the push to Islamize Pakistan and its financial system by Islamic revivalists, following the early 1947 debates in the original Constituent Assembly to the final 2002 ruling on IBF of the Shariat Appellate Bench of the Pakistan Supreme Court. It examines the practice and theory behind contemporary Islamic, "Shariah-compliant", banking. It offers extensive interviews with Pakistani Islamic bankers on the state of their industry and how they see it developing, and provides analysis on how the Islamic banks’ customers differ from those of conventional ones. Presenting a critical analysis of Pakistan’s IBF experience and offering a new insight into Pakistan’s banking industry that illustrates broader political and social trends in the country, this book will be of interest to specialists on Islam, South Asia and International Economics.


Understanding Islamic Finance

Author by : Muhammad Ayub
Languange : en
Publisher by : John Wiley & Sons
Format Available : PDF, ePub, Mobi
Total Read : 81
Total Download : 161
File Size : 44,6 Mb
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Description : In Understanding Islamic Finance Muhammad Ayub introduces all the essential elements of this growing market by providing an in-depth background to the subject and clear descriptions of all the major products and processes associated with Islamic finance. Key features include: Discussion of the principles of Islamic finance; Introduction to the key products and procedures that International Financial Institutions are using or may adopt to fund a variety of clients ensuring Sharī ́ah compliance; Discussion of the role Islamic finance can play in the development of the financial system and of economies; Practical and operational examples that cover deposit and fund management by banks involving financing of various sectors of the economy, risk management, accounting treatment, and working of Islamic financial markets and instruments. This book is not only an important text for all banks and financial institutions entering this particular market with a commitment to building Islamic financial solutions, but is also essential reading for undergraduate and postgraduate students of Islamic finance.


Islamic Banking In Pakistan

Author by : M. Farhan Aslam
Languange : en
Publisher by : LAP Lambert Academic Publishing
Format Available : PDF, ePub, Mobi
Total Read : 31
Total Download : 119
File Size : 52,8 Mb
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Description : A study the behavior of bankers towards Islamic banking, a cross sectional survey was conducted in the six districts named MULTAN, LODHRAN, MUZAFAR GARH, BAHAWALPUR, VEHARI and RAHIM YAR KHAN. Sampling frame consists of two banks Allied Bank and United bank of the said districts. The data has been collected and analyzed through different techniques. A randomly selected sample of 110 employees of banks was examined. It was decided to collect data through questionnaire. Questionnaire was finalized with 23 questions. And the data is collected through face to face survey. Sampling units were considered all the bankers of a bank and observation units were the employees of a bank. And it was founded that the overall behavior of bankers towards Islamic banking is positive. They want to work for the Islamic banks and seeing Islamic banks as a major portion of banking sector in future.


Risk Management For Islamic Banks

Author by : Imam Wahyudi
Languange : en
Publisher by : John Wiley & Sons
Format Available : PDF, ePub, Mobi
Total Read : 39
Total Download : 142
File Size : 41,5 Mb
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Description : Gain insight into the unique risk management challenges within the Islamic banking system Risk Management for Islamic Banks: Recent Developments from Asia and the Middle East analyzes risk management strategies in Islamic banking, presented from the perspectives of different banking institutions. Using comprehensive global case studies, the book details the risks involving various banking institutions in Indonesia, Malaysia, UAE, Bahrain, Pakistan, and Saudi Arabia, pointing out the different management strategies that arise as a result of Islamic banking practices. Readers gain insight into risk management as a comprehensive system, and a process of interlinked continuous cycles that integrate into every business activity within Islamic banks. The unique processes inherent in Islamic banking bring about complex risks not experienced by traditional banks. From Shariah compliance, to equity participation contracts, to complicated sale contracts, Islamic banks face unique market risks. Risk Management for Islamic Banks covers the creation of an appropriate risk management environment, as well as a stage-based implementation strategy that includes risk identification, measurement, mitigation, monitoring, controlling, and reporting. The book begins with a discussion of the philosophy of risk management, then delves deeper into the issue with topics like: Risk management as an integrated system The history, framework, and process of risk management in Islamic banking Financing, operational, investment, and market risk Shariah compliance and associated risk The book also discusses the future potential and challenges of Islamic banking, and outlines the risk management pathway. As an examination of the wisdom, knowledge, and ideal practice of Islamic banking, Risk Management for Islamic Banks contains valuable insights for those active in the Islamic market.


Are Islamic Banks More Resilient During Financial Panics

Author by : Moazzam Farooq
Languange : en
Publisher by : International Monetary Fund
Format Available : PDF, ePub, Mobi
Total Read : 16
Total Download : 276
File Size : 44,5 Mb
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Description : Rapid growth of Islamic banking in developing countries is accompanied with claims about its relative resilience to financial crises as compared to conventional banking. However, little empirical evidence is available to support such claims. Using data from Pakistan, where Islamic and conventional banks co-exist, we compare these banks during a financial panic. Our results show that Islamic bank branches are less prone to deposit withdrawals during financial panics, both unconditionally and after controlling for bank characteristics. The Islamic branches of banks that have both Islamic and conventional operations tend to attract (rather than lose) deposits during panics, which suggests a role for religious branding. We also find that Islamic bank branches grant more loans during financial panics and that their lending decisions are less sensitive to changes in deposits. Our findings suggest that greater financial inclusion of faith-based groups may enhance the stability of the banking system.


Handbook Of Islamic Banking

Author by : Kabir Hassan
Languange : en
Publisher by : Edward Elgar Publishing
Format Available : PDF, ePub, Mobi
Total Read : 43
Total Download : 590
File Size : 45,7 Mb
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Description : The Handbook of Islamic Banking comprises 25 studies by leading international experts on Islamic banking and finance specially commissioned to analyse the various debates and the current state of play in the field. From its origins thirty years ago, Islamic banking has expanded rapidly to become a distinctive and fast growing segment of the international banking and capital markets. Despite this expansion, Islamic banking still remains poorly understood in many parts of the Muslim world and continues to be a mystery in much of the West. This comprehensive Handbook provides a succinct analysis of the workings of Islamic banking and finance, accessible to a wide range of readers. At the same time, it seeks to bring the current research agenda and the main issues on Islamic banking before a wider audience. Islamic banking offers, as an alternative to conventional interest-based financing methods, a wide variety of financial instruments and investment vehicles based on profit-and-loss sharing arrangements. These are all explored in detail along with other subjects such as governance and risk management, securities and investment, structured financing, accounting and regulation, economic development and globalization. M. Kabir Hassan, Mervyn Lewis and the other contributors have created an authoritative and original reference work, which will contribute to a wider understanding of Islamic banking as well as provoking further discussion and research. It will be invaluable to all scholars, researchers and policymakers with an interest in this subject.


Islamic Banking In Pakistan

Author by : Mahfooz Ahmed Jafry
Languange : en
Publisher by : Unknown
Format Available : PDF, ePub, Mobi
Total Read : 41
Total Download : 383
File Size : 46,8 Mb
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Description :


Investigation Of Credit Risk Performance Relationship In Islamic Banks In Pakistan

Author by : Azam Ali
Languange : en
Publisher by : Unknown
Format Available : PDF, ePub, Mobi
Total Read : 97
Total Download : 503
File Size : 52,5 Mb
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Description : Pakistan financial sector was influenced by the 2007-08 global financial crises (GFC), particularly its banking industry suffered the most. Both conventional banks, as well as, Islamic banks showed serious concerns of not having proper risk management systems to desist from the vulnerabilities of crises. Out of six, two full-fledged Islamic banks could not absorb the GFC' shocks and resultantly, one of them was dissolved, while the other amalgamated. To know the extent, of which the GFC affected the Islamic banks' credit risk that ultimately deteriorated the performance of one-third of Islamic banks in Pakistan, this study was motivated to analyze the GFC impact on the credit risk and performance relationship in Islamic banks. The study therefore, investigates the relationship between performance and credit risks and impact of GFC on this relationship of all full-fledged Islamic banks operating in Pakistan during the period 2002QII-2012QIV. On the basis of Islamic banks' quarterly published data, Seemingly Unrelated Regression (SUR) model is applied for the analysis of unbalanced panel data at aggregate banks level and at the individual bank level. This study is not only attempts to present a comprehensive analysis to investigate the credit risk-performance relationship of Islamic banks in Pakistan' at both the aggregate and individual banks' levels, but also explores the GFC impact on this relationship during three periods of the crises, pre-crisis period 2005-07, the crisis period 2007-09 and the post-crisis period 2009-12. The findings reveal that size, funding cost, regulatory capital, risk weighted assets and risky sector financings have significant relationships with profitability, liquidity and financing variables of Islamic banks' performances, both at aggregate bank level and individual bank level. The study also confirms the negative relationship between credit risk predictors and performance variables of Islamic banks in Pakistan. Further, the results exhibit that the GFC impact on this relationship found to be more influential during the crisis period as compared to the pre-crisis period and post-crisis period. This happened because of the unavailability of risk evasion measurements with Islamic banks in Pakistan. The findings suggest several policy implications: Firstly, Islamic banks' should develop early warning systems to desist from vulnerabilities of such crises in future. Secondly, serious attention should be given by banks taking into account those performance variables that have significant relationships with the credit risk. Thirdly, Islamic banks need to develop sustainable systems to examine the worthiness of borrowers that help reduce the default risks. Fourthly, regulator should conduct periodic reviews on the quality of financing disbursed to borrowers to enhance the confidence of the general public in Islamic banking. Finally, regulator should ensure the effectiveness and implementation of its existing policies to prevent banks from financing/disbursements to risky sectors. A cross country study is recommended to develop generalized conclusion.


Islamic Banking In Pakistan

Author by : Muhammad Akram Khan
Languange : en
Publisher by : Unknown
Format Available : PDF, ePub, Mobi
Total Read : 50
Total Download : 731
File Size : 40,7 Mb
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Islamic Finance

Author by : Tina Harrison
Languange : en
Publisher by : Springer
Format Available : PDF, ePub, Mobi
Total Read : 77
Total Download : 224
File Size : 46,8 Mb
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Description : This book demonstrates how the global market for Islamic financial services has shown strong growth in recent years and shown remarkable resilience during the global financial crisis. Drawing on a range of international perspectives from the Gulf Cooperation Council countries, Malaysia, Pakistan, Australia and Europe, this book explores the characteristics and performance of Islamic finance and banking and discusses future prospects. It offers a comprehensive theoretical framework for Shariah governance in Islamic financial institutions, explores Shariah-compliant equities, as well as issues in productivity, technology and efficiency. It includes a number of comparative studies on Islamic and conventional banks, Islamic and conventional unit trusts, and Islamic and conventional banks’ product mixes. The challenges and opportunities for the expansion of Islamic finance and banking into Europe are explored through the contexts of the UK, Germany and Italy.


Banking Behavior Of Islamic Bank Customers

Author by : Noor Ul Ain Ilyas
Languange : en
Publisher by : LAP Lambert Academic Publishing
Format Available : PDF, ePub, Mobi
Total Read : 30
Total Download : 933
File Size : 46,8 Mb
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Description : The Term Islamic Banking is now not remained new in Pakistan. Islamic Banking has gained much recognition in Pakistan Financial Market. The conventional banking sector is the major competitor of Islamic banking. Higher competition demands Islamic banks to be more customers oriented and show superiority in their products and service. In order to acquire major market share, Islamic banks must consider their customers approach, satisfaction and awareness level towards it. Among issues covered in the study were customer's understandings of Islamic banking in Pakistan and also the awareness, usage and satisfaction level with various Islamic banking products. It further analyzes the bank selection criteria of customers and service quality of bank. The study reveals that there is significant relationship between customers' awareness of Islamic bank products/services and their education level and also there is relationship between customers' satisfaction with various products/service and their length of relationship with bank.


Growth And Emerging Prospects Of International Islamic Banking

Author by : Rafay, Abdul
Languange : en
Publisher by : IGI Global
Format Available : PDF, ePub, Mobi
Total Read : 85
Total Download : 553
File Size : 50,9 Mb
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Description : As an ever-growing international business, Islamic banking has changed the face of economics in recent years. As more and more industries embrace Islamic principles, the industry will unquestionably influence modern economic practices and techniques across the globe. Growth and Emerging Prospects of International Islamic Banking is a collection of innovative research on the methods and applications of Islamic banking interests on a global economic scale. While highlighting topics including asset diversification, profit sharing, and financial reporting, this book is ideally designed for bankers, banking analysts, international business managers, financiers, industry professionals, economists, government officials, academicians, students, and researchers seeking current research on Islamic banking perspectives and approaches to finances.


Islamic Banking

Author by : Mervyn Lewis
Languange : en
Publisher by : Edward Elgar Pub
Format Available : PDF, ePub, Mobi
Total Read : 82
Total Download : 254
File Size : 54,9 Mb
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Description : It then considers the analytical basis of Islamic banking and financing in the light of modern theories of financial intermediation, and identifies the conceptual issues to be overcome."--BOOK JACKET.


Risk Management A Comparative Study Of Regulations And Practices In One Conventional And One Islamic Bank In Pakistan

Author by : Muhammad Asadullah Bilal
Languange : en
Publisher by : GRIN Verlag
Format Available : PDF, ePub, Mobi
Total Read : 66
Total Download : 495
File Size : 54,9 Mb
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Description : Master's Thesis from the year 2018 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: B, , language: English, abstract: The purpose of this research study is to figure out the differences in rules/regulations and practices regarding risk management in Islamic and conventional banks in Pakistan. Keeping in view the research questions, the nature of this research is a qualitative case study. The findings of the study reveal that there exists a substantial difference between Islamic and conventional banks in risk management practices, risk identification, liquidity risk analysis and risk governance. Islamic bank is performing competently in liquidity risk analysis, whereas, conventional bank is competent in risk management practice, risk identification, and risk governance. The risk management, risk monitoring and reporting, and liquidity risk analysis are weak in Islamic banks. Whereas, risk analysis and assessment are weak in conventional banks. Due to lack of risk management training and limited knowledge of risk management practices, understanding of risk management practices is weak in Islamic bank. The study also reveals that in terms of rules and regulations, there is no proper institutionalisation of Islamic institutions regarding risk management as compared to conventional banking where the risk management practices are institutionalised by Basel Committee on Banking Supervision.


The Principles Of Islamic Banking

Author by : Cheikh A. Soumare
Languange : en
Publisher by : Xlibris Corporation
Format Available : PDF, ePub, Mobi
Total Read : 67
Total Download : 515
File Size : 48,8 Mb
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Description : This book is about the principles of Islamic banking. It explains the prohibition of Riba, and how the prohibition of usury was common to all monotheist religions. The use of Islamic laws in banking can bring together investors and managers; and also to explain mudarabah which is an arrangement where an investor entrusts his capital or merchandise to an agent. The book explains the belief of economic progress; that development does not imply Westernization. The encouragement of private sector activity is not, however, accompanied by any deliberate policy of fostering competition. The authority in an Islamic state is an interest that extends not only to criminal law, but also to the commercial law which affects both local and foreign companies. Although the law is usually applied consistently within individual countries, there is less consistency among Islamic states. The Koran and the sunnah, of course, provide the basis of the law in all Islamic states, but interpretation varies considerably. It finally explains the greatest challenge to the world of Islamic commerce in the 20thcentury is, to transform the classical mudarabah into an equally smooth functioning and efficient modern Islamic bank with the potential of almost unlimited growth.


Islamic Banking In Practice Volume 3

Author by : Safdar Alam
Languange : en
Publisher by : Fidens Press
Format Available : PDF, ePub, Mobi
Total Read : 85
Total Download : 110
File Size : 52,6 Mb
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Description : This is how Islamic Banking really works Volume 3 of the Islamic Banking in Practice series covers the three main areas of Retail Banking, Risk Management and Structured Investments. Key products in all of these areas are discussed and explained in detail, covering the different types of contracts and structures used in the Islamic Banking and Finance sector. The journey in transforming classical contracts (such as Murabaha, Mudarabah, Wakala, Ijara and so on) into finished products that are executed, is a compelling one. This includes the transformation of inherent risks to suit the parties involved. This process of transformation highlights the perpetual conflict that exists within the industry – how to utilise classic contractual forms to deliver (overwhelmingly) products that are priced at interest.