The Viability of Islamic Banking and Finance in a Capitalist Economy: A South African Case Study

Vahed, Goolam; Vawda, Shahid

doi:10.1080/13602000802548185

Cited by 20 publications

(14 citation statements)

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“…Islamic economic system is not complete without a proper Islamic banking system. However, the viability of Islamic banking utilizing only the name of Islam as marketing tool is not sufficient (Vahed & Vawda, 2008). It needs further serious efforts to accomplish and promote an Islamic economic system for the Muslims.…”

Section: Islamic Bankingmentioning

confidence: 99%

“…Religion, profitability, community service and unique services were identified as customers' priorities for choosing Islamic banking products and services (Gait & Worthington, 2015). However, Vahed and Vawda (2008) observed that customers were familiar with products and services of Islamic banks. They further proposed that Islamic banking was also viable in a non-Muslim country.…”

Section: Individuals and Employees' Perceptions Towards Islamic Bankingmentioning

confidence: 99%

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Employees’ Perceptions about Islamic Banking and its Growth Potential in Pakistan

Shah¹,

Niazi²,

Majid³

2016

BER

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This paper investigates the perceptions of employees in Islamic banks and Islamic branches of conventional banks regarding practices and growth of Islamic banking in Pakistan. For this purpose, questionnaires were distributed to employees working in these banks. The results reveal that bankers in Islamic banks perceive that Islamic banking is in accordance with Shari'ah and Islamic principles. They hold positive perceptions regarding the practices, objectives and growth of Islamic banking and believe that banks and government are committed towards the development of Islamic banking in the country. Results also show that bankers are confident that Islamic banking will grow and expand in the country in future. The study suggests that the issue of availability of well-trained and skilled employees must be addressed by government and stakeholders for the sustainable growth of Islamic banking in Pakistan.

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Section: Islamic Bankingmentioning

confidence: 99%

Section: Individuals and Employees' Perceptions Towards Islamic Bankingmentioning

confidence: 99%

Employees’ Perceptions about Islamic Banking and its Growth Potential in Pakistan

Shah¹,

Niazi²,

Majid³

2016

BER

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“…Nouman and Ullah (2014) in the wake of integrating the divergent literature, came up with a list of 24 factors that restraints the practice of participatory financing in Islamic banking. Ahmed, 2011;Akacem & Gilliam, 2002;Ariff, 1988;Ariss, 2010;Ascarya & Yumanita, 2006;Asutay, 2007;Chong & Liu, 2009;Dar et al, 1999;Dusuki, 2007;Farooq, 2007;Jaffar, 2010;Kayed, 2012;Khan, 2010;Lewis, 2008;Mirakhor & Zaidi, 2007;Sadique, 2010;Shahid, Shagufta, Ahmad, Ahmad, & Shafique, 2015;Shinsuke, 2012;Siddiqi, 1985;Sugema, Bakhtiar, & Effendi, 2010;Vahed & Vawda, 2008;Vogel & Hayes, 1998;Yousef, 2004;Zandi, Ariffin, & Shahabi, 2012). of these constaints.…”

Section: Literature Reviewmentioning

confidence: 99%

Variants of Participatory Financing for Risk Assessment and Mitigation in Islamic Banking

Nouman¹,

Ullah²,

Jan³

2019

BER

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The participatory modes of Islamic financing including Musharakah and Mudarabah are widely accepted as the ideal modes of financing among the jurists of Islamic banking and finance. However, paradoxically, these are not the most popular modes of financing in practice. The practice of the participatory financing in Islamic banking is constrained by several factors. Therefore, Islamic banks are applying the adapted variants of Musharakah. The present study aims to explore the prevailing variants of participatory financing in the Islamic banking industry of Pakistan using multiple case studies strategy. Findings suggest that Islamic banks adapt the participatory financing to make these fit for SME financing, corporate financing, consumer financing, and commodity operations financing within the embedded contractual variants of Musharakah namely diminishing Musharakah and running Musharakah, while pure Musharakah and Mudarabah are not applied in practice. The study also provides insights into the design of participatory financing arrangements and the procedures adopted by Islamic banks for assessing and mitigating the underlying risks associated to the participatory financing, particularly the risk induced by asymmetric information including adverse selection, and moral hazards.

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“…Muslims worldwide is pioneering efforts in shariah-complaint finance. This includes prohibitions on: investments in businesses whose practices are in conflict with Islamic teachings such as those that engage in gambling or pornography, or the sale or consumption of alcohol and pork; investments offering fixed interestbased return; investments in indebted companies paying interest on servicing their debt; and speculation in derivative transactions on the stock exchange (Vahed & Vawda, 2008).…”

Section: Prohibition Of Practicing Ribamentioning

confidence: 99%

The Ijtima’i Methodological Approach: A Review on Economic Verses in Tafsir Al-Azhar by Hamka (1908-1981)

Usman¹,

Ibrahim²,

Kadir³

2018

TOJDAC

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Tafsir al-Azhar is one of the popular masterpieces of Indonesian exegete, Hamka. This paper discusses one of Hamka's great exegetical works. The focus is on his discussion of economic affairs in particular, capitalism, usury and corruption, in the selected text in particular those related to. A qualitative method is adopted in this paper in which selected documents are analysed. This paper found that Hamka has unique approaches in this respect that are closely related to the socio-cultural aspects of Indonesia. Again, like other exegetes, Hamka applies al-ijtima'i in his work. This method seeks to understand the Qur'an by studying its expressions carefully and elaborating their meanings beautifully and interesting style of language in the context of existing cultural system.

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The Viability of Islamic Banking and Finance in a Capitalist Economy: A South African Case Study

Cited by 20 publications

References 0 publications

Employees’ Perceptions about Islamic Banking and its Growth Potential in Pakistan

Employees’ Perceptions about Islamic Banking and its Growth Potential in Pakistan

Variants of Participatory Financing for Risk Assessment and Mitigation in Islamic Banking

The Ijtima’i Methodological Approach: A Review on Economic Verses in Tafsir Al-Azhar by Hamka (1908-1981)

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