Emerging Issues in Islamic Banking & Finance: Challenges and Solutions

By Haseeb, Muhammad; Alam, Shah | Academy of Accounting and Financial Studies Journal, May 2018 | Go to article overview

Emerging Issues in Islamic Banking & Finance: Challenges and Solutions


Haseeb, Muhammad, Alam, Shah, Academy of Accounting and Financial Studies Journal


The impressive global development over the last two decades of Islamic banking and finance is taking much response all over the world, which has reached the stage of its particular economic success. This success is also providing to be a door for Middle Eastern petrodollar and Islamic banking investments into all great developing, emerging and developed markets. The Islamic banking and financial services industry showed a rapid growth during the last 10 years, having accomplished a milestone reaching a value of more than $2 trillion by 2015.

There are more than 1.5 billion Muslims all over the world, and it is estimated that right around one of every four individuals on the planet rehearses Islam. Moreover, there are wide Muslim populaces on every main landmass. Without a doubt, Islam influences culture and social orders all over the world; yet, Islamic financial frameworks as monetary events are moderately represented worldwide. There is an open door for monetary and economic frameworks in the light of Islamic standards to grow Islamic impact to better exemplify the convictions and estimations of financial constituents. Definitely, there has been some reestablished enthusiasm for encouraging the development of Islamic monetary frameworks. In the course of recent decades, the Islamic bank industry has developed fundamentally, and Islamic monetary organizations, for example, insurance agencies, conventional banks and mutual assets, now involve a more considerable offer of worldwide economic resources. Furthermore, some portion of the interest charged for Islamic financial aspects comes from the relative soundness of the Islamic financial framework outlined amid the current worldwide financial crisis. While the major financial crisis in Europe and USA were crippled during financial crisis, the Islamic financial framework remained moderately less influenced. The way that Islam empowers strength and denies the utilization of unsafe financial instruments is a fundamental motivation behind why Islamic banks remained generally unscathed amid the money related crisis, and expanded financial framework dependability exemplifying an extra preferred standpoint that might be consolidated into standard financial aspects.

Even after remarkable growth, understanding and research of Islamic banking and finance is still in its embryonic stage, with latest work comparing conventional and Islamic banks providing contradictory evidence in term of risk, stability and superior efficiency. Shariah compliant financial products (for instance Islamic mutual assets) have been explored previously during the financial crisis of 2008-2010 concentrating on return/risk highlights and contrast with conventional ones with blended outcomes. We have comparative investigations contrasting Islamic and regular stock prices performance, yet the current writing is not consistent with the conclusions and modification in Islamic directories influencing global performance. Most freshly, studies have started to survey sukuk qualities, the share trading system response to their issuance and their co-developments with Shariah and ordinary stocks, however slight is thought about their execution, return/risk outline and their association with regular bonds. At long last, there are no research contrasting Islamic and regular stock trade structures, productivity and governance and next to known about takaful or the part/effect of Shariah members in Islamic financial organizations.

Subsequently, in this issue, we have acknowledged unique studies that examine new points, for example, takaful, Islamic stock exchanges, sukuk and Islamic mutual assets. We are additionally inspired by Islamic banking studies, however just in the event that they give new points of view on opportunities/risk or highlight original administrative issues that are not yet very much done by past researches. Along with this the concentration after recognizing the existing Islamic finance situation, in general we will likewise acknowledge all the studies on the Islamic business condition. …

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