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Islamic Finance - Essay Example
Author : parisiandallas
Finance & Accounting
Pages 9 (2259 words)
This study looks into the Islamic banking and financial systems that lack contract standardization and the instruments to go against the currency’s volatility. The issue of the industry also lacking a lot of professional on the supervision and industry level also contributes to a major down fall…
The paper tells that despite the upheavals and mayhem that exists between the Islamic world and the United Kingdom, as peculiar as it may seem, it is wise to say that Islamic banking and finance has found its way in the United Kingdom. Islamic finance is the basis of Islamic banking system. Laying its foundation on the rules and principles of Sharia, commonly known as the Islamic law, this offers Islamic finance its very unique and competent features. As much as Islamic Banking has its challenge and opportunity, many western bankers have sort to involve themselves in this growing business. Their guiding principles and rules state that Allah owns everything in this world and that man has only been rendered permission to use it. In the United Kingdom, London has emerged itself to be the core ad centre of Islamic banking. In the United Kingdom, a decade ago, the business was perceived to be in its infancy this being the reason as to why its extent is limited. A decade later, Islamic banking and finance has prevailed in the United Kingdom due to its unique characteristics. One of the most distinct characteristics that have made Islamic banking and finance business to grow is the fact that Islamic banking does not offer interests, which is commonly referred to as riba in the Islamic world. The reward for money deposited as perceived is done by not charging or paying interest. As a way of curbing the loss and profits occurred, Islamic banking use the technique of sharing both the profit and loss occurred. ...
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