A Qualitative Analysis of the Challenges to the Islamic Banking
Abstract
Islam's collective system of justice is based on equality and cooperation. Economy is of great importance in this system. That is why the regular rules and regulations for it have been beautifully mentioned in the Qur'an and Sunnah. Economists in the Muslim Periods have done much to promote the economic system based on these sharia principles. A beautiful aspect of this Islamic economic system is that Islamic banking is very important. Muslims have sincerely strived for its development, promotion and strengthening. Muslims face many difficulties in its evolutionary journey. These include the absence of the Central World Islamic Bank, the inappropriate attitude of some religious leaders, the non-cooperation of government agencies, the dual system of banks, unfamiliarity with Sharia in the business and business community, lack of good credit, discouragement, modern technicality in Islamic bankers. Lack of requirements, lack of skills, difficulties in implementing Mashraqa and Mudaraba, misunderstandings, lack of public awareness and lack of trained staff are notable. There is a need for a scientific analysis of the Challenges facing Islamic banks and their solutions. This article is written to meet this scientific need.
References
Abbasi, A. (2009). Aalmi Islami Bank, Qiam ki Tarf Paish Raft. Progress Towards Establishment, Lahore: Tarjman-ul- Quran.109.
Ahmad, U. (2009). Islami Bankari: Aik Usooli o Tajziati Mutala. Al-Azwa, Punjab University Lohare, 23(31).36. Retrieved from
http://iri.aiou.edu.pk/indexing/wp-content/uploads/2016/07/islami-bankari-aik-asool.pdf
Amin, H. (2013), “Factors influencing Malaysian bank customers to choose Islamic credit cards:
empirical evidence from the TRA model”, Journal of Islamic Marketing, 4(3), 245-263
Ayub, M. ( 2010). Islami Bankari: Usool o Tahqeeq. Islamabad: Rafah International University.625.
Dinar Standard (2021), “Global Islamic fintech report”, available at: https://salaamgateway.com/ specialcoverage/islamic-fintech-2021 (accessed 15 July 2021).
Economist 25 June, 2009
Ghazi, M.A. (2010). Muhadrat-e-Maeshat o Tjarat. Lahore: Faisal Nashran.376.
Ghazi, M.A. (1993). Hurmat-e-Raba our gher Soudi Maliati Nizam. Islamabad: Institute of Studies.5.
Ijaiya, H. (2021). A Review of Literature on the Challenges of Shariah Governance in Islamic Banking in Nigeria, Journal of Shariah Law Research, 6(1), 1-10.
Kelani, A. (2003). Ahkam-e-Tjarat our lain dain k masail. Lahore: Dar-ul-Islam.
Khan, N.A. (2017). Introduction to Banking, the Need and Importance of Islamic Banking and its Future in Pakistan, Islamabad: Moarif Islami, 16(2).
Khan, G.M., Amine, L.S., Uddin, S.J. and Zaman, M. (2011), “The internationalization of an Arab
bank: the case of Ahli United Bank of Bahrain”, Thunderbird International Business
Review, 53, 581-600
Masood, O., Abdullah, M., Shahimi, S., & Ismail, A. G.
(2011). Operational risk in Islamic banks:
Examination of issues. Qualitative Research in
Financial Markets, 3(2), 131–151. doi:10.1108/
Mufti, M. (1997). Multi National Compnion ki Islam Dushmni. Lahore: Ilm-o-Irfan Publications.207.
Muryanto, Y. T., Kharisma, D. B., and Nugraheni, A. S. C. (2021). Prospects and Challenges of Islamic Fintech in Indonesia: A Legal Viewpoint, International Journal of Law and Management, DOI 10.1108/IJLMA-07-2021-0162
Naser, K., Jamal, A. and Al-Khatib, K. (1999). Islamic banking: A study of customer satisfaction and preferences in Jordan.
International Journal of Marketing, 17(3): 135-150
Nawaz, T., & Haniffa, R. (2017). Determinants of financial
performance of Islamic banks: An Intellectual capital
perspective. Journal of Islamic Accounting and
Business Research, 8(2), 130–142. doi:10.1108/JIABR-
-2016-0071
Qadri, M. T. (1994). Bila Soud Bankari our Islami Nizam-e-Maeeshat. Lahore: Minhaj-ul-Quran Printers.22.
Qaradawi, Y. (1993). Raba our Bank ka Soud, Translator: Atiq Zafar, Islamabad: Institute of Studies.17-18.
Rostan, P., Alami, S. N., Shahab, E., Rahmani, A., Azizi, S., (2021). Challenges of Islamic Banking in Least Developed Countries: The Case of Afghanistan, Journal of Emerging Economics and Policy, 6, 5-19.
Saduman HO (2005). “Interest free banking in Turkey: A study of
customer satisfaction and bank selection criteria” J. Econ.
Cooperation 26(4): 51-86
Shahid, L. (2001). Amrica, Islam our
Downloads
Published
Issue
Section
License
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License (CC-By) that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).
This work is licensed under a Creative Commons Attribution License CC BY