In the recent years, the global banking system has experienced large aftershocks. The global economic crisis that began in 2008, and its consequences, succeeded to close down many large banking systems. On the other hand, Islamic banks made a great growth, and their bank assets according to estimates, are worth about 1,800 billion. The secret is not in the big oil reserves, but the system which they called "halal financing". This system is based on several basic premises, which are not of a great philosophy, but are not in compliance with the western system of financial manipulation. The prohibition of interest-based finance through the banking sector, spread the growing economic impact in the contemporary economic, social, political and globalisation area. The relevance of this study is contributing to the debate which concerns the possible relevance of Islamic Banking to the potential development and redefinition of conventional banking. Through analysing the pros and cons of this financial system based on the Islamic principles, it will be determined if it is able to play a leading role in revamping and driving the conventional banking.
Bälz, K. (2004). A Murabaha in an English Court: The London High Court of 13th February 2002 in Islamic Investment Company of the Gulf (Bahamas) Ltd. v. Symphony Gems N.V. & Ors. Islamic Law and Society, 11 (1), 117–134.
Di Mauro, F., Caristi, P., Couderc, S., Di Maria, A., Ho, L., Grewal, B. K., Masciantonio, S., Ongena, S., & Zaher, S. (2013). Occasional Paper Series: Islamic Finance in Europe. Frankfurt am Mein: European Cental Bank, available at: https://www.ecb.europa.eu/pub/pdf/scpops/ecbocp146.pdf?50223aa58804d7b4f32f4f302534672d
Dunning, T. (2015). Islam and resistance: Hamas, ideology and Islamic values in Palestine. Critical Studies on Terrorism, 8 (2), 284–305.
Ergenç, E.H., & Arslan, B.G. (2013). Impact of interest rates on Islamic and conventional banks: the case of Turkey. Applied Economics, 45 (17), 2381–2388.
Hussain, M. (2014). Performance and Potential of Islamic Finance: A Contextual Study in the UK. Journal of Shi'a Islamic Studies, 7 (4), 441–510.
Karim, A. A. R. (1995). The Nature and Rationale of a Conceptual Framework for Financial Reporting by Islamic Banks. Accounting and Business Research, 25 (100), 285–300.
Khan, A. M., Assad, W. A., Zafar, U., & Riasat, I. I. (2013). Islamic Banking: An Appraisal of Insolvency Hazard. International Journal of Academic Research in Accounting, Finance and Management Sciences, 3 (4), 1–10.
Langah, W. A. (2009). Islamic Banking in the UK: Challenges and Opportunities, available at SSRN: http://ssrn.com/abstract=1349170
Roy, D. A. (1991). Islamic Banking. Middle Eastern Studies, 27 (3), 427–456.
Ryu, K. P., Piao S. Z., & Nami D. (2012). A Comparative study between the Islamic and conventional banking systems and its implications. Scholarly J. Bus. Admin., 2 (5), 48– 54.
Siddiqi, M. N. (2006). Islamic Banking and Finance in Theory and Practice: A Survey of State of the Art. Islamic Economic Studies, 13 (2), 1–48.
Ullah, K. (2015). Evolutionary Islamic Banking Service. Journal of Islamic Banking and Finance, 3 (2), 91–96.
Vahed, G., & Vawda, S. (2008). The Viability of Islamic Banking and Finance in a Capitalist Economy: A South African Case Study. Journal of Muslim Minority Affairs, 28 (3), 453–472.
Suzuki, Y., Barai, M. K., & Sohrab Uddin, S. M. (2013). Islamic banking and the Grameen mode of microcredit in Bangladesh: an institutional comparison. Contemporary South Asia, 21 (4), 413–428.
Yousaf, S. (2016). Promotion mix management: A consumer focused Islamic perspective. Journal of Marketing Communications, 22 (2), 215–231.
Yunusa, M., & Nordin, N. B. (2015). Religious Challenges of Islamic Banking in Nigeria. International Journal of Academic Research in Business and Social Sciences, 5 (4), 78–98.
Zaher, T. S., & Kabir, M. H. (2001). A comparative literature survey of Islamic finance and banking. Financial Markets, Institutions & Instruments, 10 (5), 155–199.
Kozuharov, S., Ilieva, J., & Ristovska, N. (2017). Islamic Banking and its Perspectives. International Journal of Academic Research in Business and Social Sciences, 7(2), 145-154.
Copyright: © 2017 The Author(s)
Published by Human Resource Management Academic Research Society (www.hrmars.com)
This article is published under the Creative Commons Attribution (CC BY 4.0) license. Anyone may reproduce, distribute, translate and create derivative works of this article (for both commercial and non-commercial purposes), subject to full attribution to the original publication and authors. The full terms of this license may be seen at: http://creativecommons.org/licences/by/4.0/legalcode
