An Analysis of Islamic Banking and Finance in West: From Lagging to Leading

Malik, Ali; Malik, Muhammad Shaukat; Shah, Haider

doi:10.5539/ass.v7n1p179

Cited by 11 publications

(11 citation statements)

References 7 publications

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“…New regions are accepting the concept of Islamic banking such as Sub-Saharan Africa, Central Asia, and Western Europe. It is evident by the fact that London is hoping to be a hub of Islamic banking and finance in future (Malik, Malik & Shah, 2010). Several indexing agencies are developing Islamic market development indices (like Dow Jones) which may help in attracting investments in near future (PwC, 2013).…”

Section: Introductionmentioning

confidence: 99%

Islamic Banking Financing Effect on Growth

Mushtaq

Arshed

Kalim

2018

IBFR

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The study is an attempt to explore the transmission channel through which development in Islamic banking could lead to economic growth. In order to determinethis transmission mechanism, the estimation based Vector Error Correction model (VECM) is used. This study has tested Murabaha, Ijarah and Diminishing Musharaka as proposed Islamic financial products because of their majority share in Islamic financing. This study has tested two co-integrated systems in the VECM model. The first system tests the effect of an increase in financing in Islamic banking products on the net financing of Islamic banks and the second system tests the effect of net financing of Islamic banks on economic growth. The results indicate that the financing done by Islamic banking products positively affects economic growth in Pakistan. Also, the net financing of Islamic banks is significantly based on financing in Ijarah and Murabaha. Hence, this study highlights the growth potential of Islamic banking which is gaining shares in the overall banking system of Pakistan.

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Section: Introductionmentioning

confidence: 99%

Islamic Banking Financing Effect on Growth

Mushtaq

Arshed

Kalim

2018

IBFR

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“…The momentum of growth remained unaffected during the global recession and financial crisis and this has prompted a few to claim that IF is a viable option to conventional finance (Khan & Bhatti, 2008). The developed economies, especially in Europe, have shown a keen interest in IF and countries like the UK, who have been pioneer of conventional banking and financial systems, have taken many steps in allowing the IF industry to emerge and grow (Malik et al, 2010).…”

Section: Accounting and Accountants In The Islamic Financial Modelmentioning

confidence: 99%

Revisiting Creative Accounting in the Context of Islamic Economic and Finance System

Malik¹,

Abumustafa²,

Shah³

2019

ASS

Self Cite

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The paper investigates the possibility and spread of creative accounting (CA) related practices in the emerging financial system based on Islamic ideology and economics principles. Analytical methodology has been adopted in order to answer the research questions with a view to improving clarity of concepts. At the doctrinal level, there is little likelihood for practices associated with creative accounting as Islamic finance forbids use of misleading information in business transactions. At the operational level, however, factors like adoption of conventional accounting standards, use of income smoothing practices, and the flexibility in subjective interpretation of scripture based laws (Sharia) open up possibilities for the new financial system to be permeated by creative accounting practices. Islamic finance can be plagued by the pernicious effects of CA practices, therefore, any complacency on the part of advocates of Islamic finance can be misplaced. If practices like creative accounting continue to prevail in Islamic financial system, it will negatively affect the image of Islamic finance as an ethical, just, equitable and fair system. The authors have made a contribution by drawing attention of the research community to the neglected but important issue of creative accounting by critically analysing it and arraying the doctrinal view against the operational view.

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“…Malik,A., Malik, M.S. and Shah, H., [8] analysed the Islamic banking and Finance in the West to highlight its unprecedented growth especially in the UK and the factors that lead to it. They concluded that unprecedented support from the government, fastest growing population of Muslims, petro dollar wealth of the Middle East were the prime factors for the same.…”

Section: A Critical Evaluation Of Articles Related To Islamic Bankingmentioning

confidence: 99%

A Critical Evaluation of articles Related to Islamic Banking

2019

ijrte

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Islamic banking is any banking activity carried out within the parameters of Islamic jurisprudence. It differs from the traditional banking business in its prohibition of dealing with interest i.e. borrowing and lending of money for interest. Another feature that distinguishes Islamic banking is the concept of profit and loss sharing paradigm. These features have made this sunrise industry to not only attract new markets but also to show consistent growth over the years. Hence, large conventional banks have also shown interest in venturing into Islamic banking and have opened Islamic banking windows in their commercial set up in order to capitalize on the opportunity. Although Islamic banking is still in its nascent stage, it has become a global force to reckon with due to its strong ethical values and risk-minimization principles. The primary aim of this article is to critically review the existing literature available in studies related to Islamic banking.

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An Analysis of Islamic Banking and Finance in West: From Lagging to Leading

Cited by 11 publications

References 7 publications

Islamic Banking Financing Effect on Growth

Islamic Banking Financing Effect on Growth

Revisiting Creative Accounting in the Context of Islamic Economic and Finance System

A Critical Evaluation of articles Related to Islamic Banking

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