Islamic Bank operating framework: a casestudy of Dubai and Malasyia banks - Dissertation Example

Extract of sample
Islamic Bank operating framework: a casestudy of Dubai and Malasyia banks

Some conventional banks have integrated Islamic banking by creating subsidiaries that offer Shari’ah products. Jurisdiction’s Central Bank Acts, Islamic Financial Services Board and Auditing Organization for Islamic Financial Institutions have been created to provide framework under which Islamic Banks will operate. Modern Islamic finance and banking took off in 1960s after Egypt launched a Social Bank in 1963. Initially, as early as 1973, Islamic Finance was confined to Middle East, although countries like; Pakistan and Sudan have tried to ‘Islamicise’ their financial systems. Middle East adopted, nurtured and preserved Islamic banks to what it is today. According to Mahlknecht and Hassan (2011), Islamic finance is expanding worldwide and growing at exponential rate. According to Kettell (2010), the world of Islamic Banking Competiveness Report 2007/08 stated that the value of Islamic banking assets and assets under management was expected to reach US$ 1 trillion by 2010.One of the important means through which Islamic finance is thriving is through offshore jurisdictions. According Ariff and Iqbal (2011), most of the offshore centres in the world are anxious to become influential financial locations and aggressively seek investors interested in global investment from any part of the world. Offshore jurisdictions that are fertile for Islamic finance include; Cayman Islands, Isle of Man, Jersey, Guernsey, Bahamas, British Virgin Islands ...Show more

Summary

According to Mahlknecht and Hassan, there are more than three hundred Islamic Banks in sixty countries. The main objective of establishing an Islamic bank was to promote economic and social development of Islamic communities in pursuit of Shari’ah principles. …
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