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The rationale for the adoption of Islamic banking in Muslim-minority jurisdictions

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dc.contributor.authorMohamed Ariff Abdul Kareem
dc.date.accessioned2020-12-08T13:57:02Z
dc.date.available2020-12-08T13:57:02Z
dc.date.issued2020
dc.description.abstractWhat differentiates Islamic banking from conventional banking is not simply the absence of interest payments. The fact that Islamic finance is interest-free does not mean that capital is costless. Unlike in the conventional system where the interest rate determines the cost of borrowed capital, which is pre-determined, the returns on funds provided by Islamic banks are not pre-determined as that would depend on the final outcomes. That said, one must hasten to add that there is much more to Islamic banking than the elimination of interest (riba) which is prohibited in Islam. Real sector connectivity and risk sharing principle represent the two important hallmarks of Islamic finance.en_US
dc.identifier.citationAbdul Kareem, M. A. (2020). The rationale for the adoption of Islamic banking in Muslim-minority jurisdictions. IF Hub, 3 (September 2020), 47-53.en_US
dc.identifier.issn0127-9998
dc.identifier.urihttps://ikr.inceif.org/handle/INCEIF/3320
dc.languageEnglish
dc.language.isoengen_US
dc.publisherINCEIFen_US
dc.rights2020. INCEIF
dc.sourceSEDONA
dc.subjectIslamic financeen_US
dc.subjectIslamic bankingen_US
dc.subjectEconomic growthen_US
dc.titleThe rationale for the adoption of Islamic banking in Muslim-minority jurisdictionsen_US
dc.typeNewsletter & Bulletinen_US
dlc.maintopicIslamic bankingen_US
dspace.entity.typePublication
ikr.doctypeExpert Insights
ikr.topic.maintopicIslamic bankingen_US
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