Exploring the Opportunities and Challenges of Developing Islamic Financial Services in Seychelles By August 2012 The University of _ School of Management Doctoral Dissertation Table of Contents Table of Contents i List of Figures iii List of Tables iv Acknowledgements v Declaration of Originality vi Abstract viii CHAPTER 1: OVERVIEW 1 1.1 Introduction 5 1.2 Problem Statement 12 1.3 Purpose of Research 17 1.4 Significance of the Study 19 1.5 Research Design 22 1.6 Research Questions and Hypothesis 25 1.7 Assumptions and Limitations 27 1.8 Operational Definitions 28 1.9 Chapter Summary 30 REFERENCES 32 List of Figures Figure 1.1: Location of the Seychelles Islands Gr…
I have read the University regulations concerning plagiarism. I am willing to allow The University of _______________ School of Management to use my dissertation as a sample for future students. Signed ……………………………………………… Date ……………… Abstract (This page intentionally left blank) CHAPTER 1: OVERVIEW ______________________________________ The Republic of Seychelles comprises of approximately 100 islands located between 4 and 5 degrees south of the equator, with a longitude of between 55 and 56 degrees east (Kawaley, 1998, pp. 226 – 227). ...
Britain was to administer the Seychelles island group from Mauritius until the year 1903, and it was during this time that the British resettled African slaves rescued from Arab slave traders on these islands. Thus, today the Seychelles islands present a melting pot of many races, including mixed French, African, Indian, Chinese, and Arab with the tourism sector playing a leading role in economic growth together with commercial fishing (CIA, 2012). The official language of the Seychelles is English, but the use of the Creole language comes naturally to approximately 91.8% of the more than 90,024 inhabitants of these islands who live on an area of about 455 sq. km, which is 2.5 times the size of Washington DC, enclosed by a coastline that is 491 km in length. Seychelles was to become an independent nation in the year 1976, and Seychelles now exists as an Independent Republic with a democratically elected government within the British Commonwealth. The Figures below depict the relative geographic position of the Seychelles together with the more prominent islands in the Seychelles island group. According to CIA (2012), Seychelles has succeeded in expanding its per-capita output to approximately US$ 25,000 from a near-subsistence level at the time of independence, and this is a remarkable achievement for a country located near Africa. The tourism sector is the leading hard-currency earner, contributing nearly 70% to the foreign exchange earnings, but Seychelles has tried to diversify its export base to include farming, fishing, and small-scale manufacturing. It is important to note that Seychelles competes with Comoros, Madagascar and Mauritius to attract tourists and this means that competition exists in tourism. However, ...
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Why the Islamic Financial System has the Strength to Mitigate the Current Financial Crisis? The research study is an analytical approach towards evaluation of the Islamic financial system for measuring its effectiveness to mitigate the present financial crisis in the world.
The study is descriptive in nature and would be based on case studies. Data would be collected partly from legit documentations and partly from observations. The study is expected to take a total of about four months, following proposal’s approval.
Part 1 – Project objectives and overall research approach 3
1.1 Reasons for Topic Area and Choosing Particular Organization 4
1.2 Project Objectives and Research Questions 5
1.3 Overall Research Approach 5
Table of Contents
Part 1 – Project objectives and overall research approach 3
Both forms of methodologies have their uses, but this analysis will use essentially a qualitative method. A survey strategy will be employed in order to secure the necessary numerical data pertaining to the challenges and opportunities posed by Islamic banking practices – especially in terms of adapting these practices to the Seychelles island chain.
Differences also exist in the manner in which the content of the contract is presented, scrutinized and accepted (Khan, 2005). Under Islamic finance, parties desiring to enter into a contract are allowed to do so only if they are deemed legally fit and capable of making concrete judgments.
The market for Islamic Financial products is at least USD 5 trillion. Modern Islamic finance and banking took off in 1960’s after Egypt launched a Social Bank. Initially, Islamic Finance was confined to Middle East; however, Pakistan and Sudan have tried to ‘Islamicise’ all their financial systems.
The objective of research is to examine the awareness of Muslims and non-Muslims customers and bank authorities of Islamic banking notably in Saudi Arabia and UK about the function and concept of this system through reaction toward it; to evaluate the performance of Islamic banking based on the available financial data.
Because of the massive scale, investments and high number of stakeholders involved in these projects, they are often characterized as long-term, indeterminate, complicated and politically sensitive. Even though there is an obvious need of such projects, extant literature suggests that that the majority of megaprojects exceed their anticipated costs, fall behind schedule, and fail to deliver in the terms used to justify the need for the project.
The financial services area comprises of the economic services provided by the financial institutions in the society for managing the funds of the public for their investments considering the short term and long term gains.
Would Islamic financial system be able to prevent the current global financial crisis? The global financial crisis of 2008 is largely attributed to the vulnerability to risk in the capitalist financial systems and an inherent lack of discipline in its investment and lending practices.1 Islamic banking and finance on the other hand, is described as more risk averse and highly disciplined in its investment and lending policies and practices.2 Studies comparing the performance of Islamic banks and conventional banks during the 2008 global financial crisis suggests that Islamic banks were more efficient,3 more profitable or more stable.4 Rawshan argues however, that Islamic banks were largely avo
49 Pages(12250 words)Dissertation
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