2015
DOI: 10.15640/jibf.v3n1a2
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Development of the Islamic Banking System

Abstract: This paper will illustrate the historical development of Islamic banking industry. In addition, it will provide information about the Islamic banking development in many countries around the world. This information provides important context for understanding modern-day financial practices.

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Cited by 47 publications
(61 citation statements)
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References 1 publication
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“…He proposes the equitybased instrument to replace the open market operation. Al Harbi (2015) described the historical evolution of Islamic Banking in a different region of the world. Yasin and Khan (2016) It can be summed up on the above discussion that these studies did not initiate the issue of Islamization of Islamic banking and monetary policy in the 27 OIC Muslim countries from Asia.…”
Section: Literature Reviewmentioning
confidence: 99%
“…He proposes the equitybased instrument to replace the open market operation. Al Harbi (2015) described the historical evolution of Islamic Banking in a different region of the world. Yasin and Khan (2016) It can be summed up on the above discussion that these studies did not initiate the issue of Islamization of Islamic banking and monetary policy in the 27 OIC Muslim countries from Asia.…”
Section: Literature Reviewmentioning
confidence: 99%
“…Islamic banking emerged as a parallel financial system to conventional banking system in 1970s with an aim to serve the Muslim customers banking needs across the world (Alharbi, 2015;Khattak, 2010). Islamic banking is the system that offers an interest free banking to customers, thus facilitating Muslims to comply with their religious obligations while fulfilling their banking needs (Khattak, 2010).…”
Section: Impediments To Access Banking Servicesmentioning
confidence: 99%
“…Thus, any bank labeling itself as Islamic bank must focus on business risk based profit and loss sharing deposits and business transactions with their customers (Abraham, 2010;Lodhi & Kalim, 2005). The international infrastructure Islamic bank (i.e., Islamic development Bank) was established in 1970s (Alharbi, 2015). Meezan bank was the first Islamic bank that started its operations in Pakistan in 2002 (Ahmad & Baloch, 2006).…”
Section: Introductionmentioning
confidence: 99%
“…In the year 1998, the United Bank of Kuwait (UKB) offered Ijarah Wa Iqtina (leasing and acquisition) Islamic financing product in the United States. The product involves a net residential lease to own a house (Alharbi, 2015). Apart from the foreign bank that operates Islamic home finance in the United States, the American based Devan Bank is the dominant player in Islamic home financing (Ranzini, 2007).…”
Section: Overview Of Islamic Home Financing In the United Statesmentioning
confidence: 99%