ANALYSING THE CONCEPT OF ISLAMIC BANKING
ANALYSING THE CONCEPT OF ISLAMIC BANKING
Author(s): Suad BećirovićSubject(s): Islam studies, Financial Markets, Sociology of Religion
Published by: Интернационални Универзитет у Новом Пазару
Keywords: Islamic banking; Islamic finance; banking; interest-free banking; riba;
Summary/Abstract: Islamic banking is a relatively new concept in modern banking. From small beginnings in the 1960s, it now controls assets worth more than 1 trillion US dollars. Islamic banking differs from conventional western banking, because Islam does not allow the taking and giving of interest. Due to this, new mechanisms have to be used to mobilise funds from savers and to channel these funds to companies and consumers. Therefore, in this paper we want to present and analyse these financial instruments. After that, we want to show possible problems in applying the theory of Islamic banking in practice.
Journal: Univerzitetska misao
- Issue Year: 2014
- Issue No: 13 (2)
- Page Range: 250-266
- Page Count: 17
- Language: English