Leveraging the Potential of Islamic Banking and Finance for Small Businesses

Thaker, Mohamed Asmy Mohd Thas; Thaker, Hassanudin Bin Mohd Thas; Pitchay, Anwar Allah; Amin, Md Fouad Bin; Khaliq, Ahmad

doi:10.1142/9789811235825_0010

Cited by 2 publications

(1 citation statement)

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“…The financial system's core purpose is to jointly improve the community's welfare (Hakim & Irawan, 2019). According to Thaker et al (2020), Islamic financial products may be superior alternatives or substitutes for conventional financial contracts. However, they are not complementary because Islamic financial contracts are governed by Islamic law or shariah.…”

Section: Literature Reviewmentioning

confidence: 99%

Challenges in the Implementation of Mudharabah Financing in the Islamic Banking Industry

KHALİFAH,

ASLAN,

ABDULLAH

2024

Ekinoks

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In recent decades, the proliferation of Islamic banking has rendered it a significant entity in the global financial arena, captivating numerous entrepreneurs and businesses with its ethically distinctive financing alternatives. Several Islamic financial institutions adhere robustly to the profit-sharing principle, notably via mudharabah, in product financing. This research paper explains why mudharabah contracts are used in Islamic banking products, focusing on financing schemes, literacy, and the lack of equal access to information. Moreover, within the context of Islamic FinTech, this research highlights high business risk as a pronounced impediment to the efficacious implementation of mudharabah. In addition, this study offers a rigorous analysis of the issues and challenges endemic to mudharabah financing, venturing into perspectives from regulators and Islamic bank customers. This paper utilized a literature review methodology, and data extracted from relevant literature is systematically analyzed to evaluate mudharabah products as a viable business financing model. Conclusively, the insights derived from this research are positioned to formulate strategic recommendations, fostering advancements in implementing mudharabah contracts within Islamic product financing.

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Section: Literature Reviewmentioning

confidence: 99%

Challenges in the Implementation of Mudharabah Financing in the Islamic Banking Industry

KHALİFAH,

ASLAN,

ABDULLAH

2024

Ekinoks

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Islamic Baking Innovation With a Special Focus on Al-Ijarah Thumma Al-Bai (AITAB)

Salman

2024

Advances in Business Strategy and Competitive Advantage

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Every market strives to develop new products and services. For a relatively new industry like Islamic banking, this is particularly crucial. The need to create fresh ideas and products that generate demand and ensure market competition is paramount. Islamic banks, in particular, must be innovative in their product offerings to gain a competitive edge over the 'already set' conventional banks. The increasing need to expand the range of products and services to meet consumers' more sophisticated needs and the complex requirements of today's business is a significant challenge. This chapter, focusing on AITAB, explores this unique product's mechanics, benefits, and challenges within Islamic banking. AITAB, with its crucial role in maintaining compliance with Sharia principles, also significantly contributes to fostering economic growth, thereby paving the way for a promising future of Islamic banking.

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Leveraging the Potential of Islamic Banking and Finance for Small Businesses

Cited by 2 publications

References 0 publications

Challenges in the Implementation of Mudharabah Financing in the Islamic Banking Industry

Challenges in the Implementation of Mudharabah Financing in the Islamic Banking Industry

Islamic Baking Innovation With a Special Focus on Al-Ijarah Thumma Al-Bai (AITAB)

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