Progress and challenges of Islamic banking
After giving a brief historical overview of developments in theory and practice of Islamic banking, Abbas Mirakhor discusses its prospects and challenges. While up to the 1970's the Muslim scholars were stressing the issue of Riba, emphasizing on moral and religious arguments, the nowadays scho...
| Main Author: | |
|---|---|
| Format: | Print Article |
| Language: | English |
| Check availability: | HBZ Gateway |
| Journals Online & Print: | Drawer...
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| Fernleihe: | Fernleihe für die Fachinformationsdienste |
| Published: |
Ǧamʿīya
1997
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| In: |
Review of Islamic economics
Year: 1997, Volume: 4, Issue: 2, Pages: 1-11 |
| Further subjects: | B
Interest
B Islamic banking B Credit B Islam B Money market B Credit system B Economic order B Islamic countries B Capital market B Usury |
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| 520 | |a After giving a brief historical overview of developments in theory and practice of Islamic banking, Abbas Mirakhor discusses its prospects and challenges. While up to the 1970's the Muslim scholars were stressing the issue of Riba, emphasizing on moral and religious arguments, the nowadays scholars are trying to face the issue on rational and economic grounds. They were able to tie in the results of modern financial theory, in particular financial risk management, and profit-sharing Islamic banking. Those results were that in a world of imperfect information about financial transactions and assessments, like in developing countries, the superiority of debt-type contracts is doubtful. Modern financial theory has even shown some disadvantages in fixed-pay off contracts, compared to equity-finance, such as disregarding young borrowers in favour of safe and well established ones. The Islamic banks do not seem to have achieved the market depth that could ensure long term profitability. Survival will depend on their effective performance and most of all on structural adjustments in fiscal and monetary areas in nearly all Muslim countries. Distortions like massive government intervention, the lack of capital markets and price instability represents major obstacles for an implementation of an Islamic banking system. (DOI) | ||
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