Challenges facing Islamic banks By Abdul Jabbar Karimi
From HodHood
Contents
Top 20 FREQUENT WORDS
islamic 46 banking 27 banks 18 ijara 11 financial 10 laws 9 conventional 8 legal 8 products 7 shariah 7 based 5 contracts 5 customer 5 institutions 5 risk 5 framework 4 provided 4 prudential 4 agreement 3 applied 3 assets 3 balance 3 basis 3 challenges 3 commercial 3 companies 3 compliant 3 courts 3 existing 3 funds 3 important 3 islam 3 lack 3 loss 3 murabaha 3 regulations 3 taking 3
DOCUMENT KEY POINTS
- amendment of existing laws islamic banking has some kind of resemblance to universal banking therefore laws and regulations have to be amended accordingly to accommodate this new concept such as sections forms of business in which the banking company can engage and prohibition of trade of the banking companies ordinance while islamic banks are big or wholesale traders in reality
- and some of the islamic banks are using the term of security hence making the ijara contract non shariah compliant as using the deposited sum under the heading of ijara security a rahn is nothing but riba which is strictly prohibited by islam
- the islamic bank while executing ijara with the partner customer uses the term a monthly payment agreement instead of having the ijara agreement with the customer
- on the top of it the most of the products in islamic banks are based on goods and commodities while prices and currency rates go up and down frequently creating a big risk for them being traders in reality especially in the case of salam and istisna a
- shariah based product all islamic financial institutions offer the same basic products per cent murabaha and ijarah but the problem is that each institution has its own group of islamic scholars on the shariah board to approve the product
Please note, This is an auto generated summary based on sentances position in the document and other factors
DOCUMENT WORD ANALYSIS
Main Category
- AlHuda Material\islamic banking
KeyWords
islamic banks banking financial finance investment conventional institutions funds risk financing deposits assets services management international countries equity profit products
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DOCUMENT REFERENCES
Number of Pages
3
Published Date
2007-08-14 16:06:12
