Such findings have centered on the instruments and markets, performance, and regulations, without much concern about the financial crisis or solvency risk. The goal is to provide an understanding of the work published in good journals, 1 the lessons learned, and key issues and challenges that exist for futures researchers to address. Islamic banking and finance university of st andrews. Nearly 20 percent annual growth of islamic finance in recent. Kabir 2001 a comparative literature survey of islamic finance and banking, financial markets, institutions and instruments, 10 4, pp. Pdf a comparative literature survey of islamic finance and. Journal of islamic accounting and business research. Some of the modes of islamic bankingfinance include mudarabah profitsharing and lossbearing, wadiah safekeeping, musharaka joint. An islamic financial system avoids interest and interestbased assets hassan and lewis 2007 offered a comprehensive description of islamic modes of financing which are based on profit and loss sharing investment, types of risks in islamic banking, and financial innovations, including access to capital markets and securitization, introduced. The thesis represents comparative study of islamic banking and islamic financial products in uk, us and malaysia. However, it should be borne in mind that although the emergence of islamic banking was in response to the market.
An examination of bond pricing in the conventional and islamic setting and a survey of literature on alternative benchmarks to the interestbased system. Fundamentals of islamic finance and banking general. Opportunities, challenges, and policy options prepared by alfred kammer, mohamed norat, marco pinon, ananthakrishnan prasad, christopher towe, zeine zeidane, and an imf staff team12 authorized for distribution by jose vinals and masood ahmed april. Pdf comparative literature survey of islamic finance and. Much less emphasis has been placed on understanding the regulatory and financial environment in which the lif is formed and practiced. Islamic banking and finance to take stock of the situation and plan for the future. A survey of the literature zaman, asad international islamic university of islamabad iiui june 2008 online at mpra paper no. A comprehensive and fully uptodate introductory textbook to islamic finance and banking islamic finance and banking is being used increasingly globally especially in the regions of middle east and north africa, south east and south asia.
Islamic finance in turkey finance and banking turkey. This paper is a survey of the literature on islamic economics, which focuses on the contrasts between western economic theories and islamic approaches to the organization of economic affairs. Keeping in view the importance of banking sector, different studies have been carried out for evaluating performance of banks. Zakariyya kandehlvi, shaikhulhadeeth maulana mohammad 1938 alaitdal fil maratib alrajjal, lahore. Specifically, we discuss the basic features of the islamic finance and banking. The development of islamic economics is part of this process of transition away from western colonial institutions. Modeling islamic finance and inclusive growth for emerging markets. This paper undertakes a survey of the literature on islamic banking and finance. A couple of studies compare islamic and conventional banks on. It is not an historical account of the evolution of islamic banking and finance in theory and practice. To cater to the need of trained islamic finance staff, a large number of educational institutions are beginning to offer courses, majors and minors in. A comparative analysis of bankers perceptions on islamic.
A comparative survey of churches and religions ad 30 to 2200. Request pdf a comparative literature survey of islamic finance and banking there has been largescale growth in islamic finance and banking in muslim countries and around the world during the. Islamic finance 2 international monetary fund international monetary fund islamic finance. An introduction to islamic finance karachi, idaratul maarif. Pdf a comparative literature survey of islamic finance. Islamic finance, or sometimes described as islamic economics, is a financial system that adheres to the concepts of the re ligion of islam, its scriptures and traditions kuran, 1997. It is also the branch of finance that needs to be viewed from a different perspective as it cannot replicate conventional banking.
Contribution originality this study contributes in the existing literature and help to the understanding of islamic finance principles and its value as a solution to the current and any future financial. Comparative literature survey of islamic finance and banking. The first modern theoretical literature on islamic banking appeared in urdu, arabic, and english from the 1940s through the 60s. Islamic finance is the fastest growing sector within the financial market place, a growth rate which has not been matched by the vast need for educational and training publications. Journal of islamic economics, banking and finance, vol, no.
A comparative analysis of bankers perceptions on islamic banking zairani zainol. Modeling islamic finance and inclusive growth for emerging. Kabir hassan, federica miglietta, andrea paltrinieri and josanco floreani. Professor of finance and hibernia professor of economics and finance, university of new orleans. This paper examines the recent empirical literature in islamic banking and finance, highlights the main findings and provides a guide for future research. Recent empirical literature and directions for future research pejman abedifar, school of management, university of st andrews, the gateway.
Kabir hassan there has been largescale growth in islamic. Generally it can be stated that islamic finance is in many ways similar to merchant banking, is conservative and applies solid banking principles. Comparative analysis between islamic banking and conventional banking firms in terms of profitability, 20062009 alimshan faizulayev submitted to the institute of graduate studies and research in partial fulfilment of the requirements for the degree of master of science in banking and finance eastern mediterranean university may 2011. The general objectives of islamic finance transactions. A comparative literature survey of islamic finance and banking, financial markets, institutions and instruments 104. The purpose of this paper is to investigate the evolution of islamic banking in nigeria.
Comparative study of risk management practices of islamic. The paper differs from previous survey studies that have focused on specific issues of islamic finance and banking such as financial stability belouafi et al. An overview of islamic finance1 prepared by mumtaz hussain, asghar shahmoradi, and rima turk authorized for distribution by zeine zeidane june 2015 abstract islamic finance has started to grow in international finance across the globe, with some concentration in few countries. Comparative analysis of csr disclosure and its impact on financial performance.
Comparative study of islamic banks and conventional banks in. Modest practical steps in the 1960s were followed by the establishment of several islamic banks in the private sector in the 1970s. The paper concludes a research agenda for future research in islamic banking and finance. This trend continued in the 1950s and 1960s, when the first islamic banks in the modern history were established. Introduction to islamic banking and finance is a succinct guide to the key characteristics of islamic banking highlighting how these differ from conventional banking. These services include project planning, property management, preparation of feasibility studies, project evaluation, trustee services and training and education in islamic finance and. This paper aims to examine the concept and practice of islamic banking in the context of a nonislamic country such as uganda. Exploring the development of islamic banking in nigeria using an actornetwork theory perspective. However, islamic finance can also apply, to a limited degree, within a non islamic legal system visser, 2009. Classifying and summarizing research relevant to identify the research trends in islamic finance theory 2. An introduction to islamic banking and finance, and the islamic banking and finance workbook. Contribution originality this study contributes in the existing literature and help to the understanding of islamic finance principles and its value as a solution to the current and any future financial crises. Abstract this article aims to give a quantitative synthesis of the literature related to the performance of islamic banks.
Recent empirical literature and directions for future research pejman abedifar, school of management, university of st andrews, the gateway, north haugh, st andrews, fife, ky16 9rj, uk. An empirical literature survey of islamic banking m. This detailed book illustrates how islamic banking is consistent with the sharia a, a key element of which is the prohibition on collecting and paying interest. A comparative literature survey of islamic finance and. The following is a list of the most cited articles based on citations published in the last three years, according to crossref. This detailed book illustrates how islamic banking is consistent with the shariaa, a key element of which is the prohibition on collecting and paying interest.
Durham etheses comparative analysis of csr disclosure and. As islamic banking became more prominent in recent years, it is an increasingly researched topic. Advanced diploma in islamic finance, students can now specialise in areas of their choice which provides a more relevant and focused learning and development. A comparative study between the islamic and conventional. Recent empirical literature and directions for future research by pejman abedifar, shahid ebrahim, philip molyneux and amine tarazi abstract. Prescribing a conceptual classification of the key content 3. Islamic finance, banks performance, banking stability and risk management. The primary aim of this thesis is to determine the prospects of islamic banking in india. Journal of islamic economics, banking and finance 3 2.
A contemporary survey of islamic banking literature. The issue of islamic finance and banking started to emerge at the end of 60ties. Like conventional finance, islamic finance deals with 100% halal. Objectives one of the most significant objectives of islam financial instrument and banking is to understand greater integrity in human society.
This set brings together two leading resources for islamic banking and finance. A data envelopment analysis computer program, working paper, cepa. This central religious precept appears to rule out most aspects of. This growth is influenced by factors including the introducti. A comparative study of islamic banking practices 27 advisory services are provided at islamic banks in many countries. Stepbystep exercises on fundamentals of islamic finance. According to the findings of the research, the compliance with the shariah, the quality and attractiveness off the offer and the preferences towards potentials of islamic banking were the factors that positively affected the adoption of islamic finance and banking by customers. In addition, islamic banking in saudi arabia has shown a tremendous progress in the last decade.
Many problems and challenges relating to islamic instruments, financial markets, and regulations must be addressed and resolved. This paper examines the financial market experience with the aim of drawing lessons for preventing future disasters. Former professor, center for research in islamic economics, king abdulaziz university, jeddah. The extant literature concerning the law of islamic finance lif is dominated by illustrations of islamic financial contracts and critiques of the way in which the sharia has been circumvented. A comparative literature survey of islamic finance and banking by tarek s. The aim of thesis is firs to examine what are the major problems on a.
A comparati e literature sur ey of islamic finance and banking 157 justice, the removal of riba results in the sharing of the risk of a project between the borrower and the lender. There are a number of products in islamic finance, and the main ones are explained in this chapter. A comparative literature survey of islamic finance and banking. In addition, by tying the reward to the performance of the business venture, the resulting returns are more equitable during good times and bad times. Islamic banking, asiapacific economic literature 22.
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