Khan, Muhammad Asif and Haider, Muhammad Afaq and Hashmi, Shujahat Haider and Khan, Muhammad Atif,(2017), Islamic Finance Service Industry and Contemporary Challenges: A Literature Outlook (1987-2016). , Marketing and Branding Research, UNSPECIFIED
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Abstract
Embryonic Islamic banking industry has documented marvellous growth worldwide since
inception; stimulated sound rooted western banking to inculcate and include Shariah driven
lucrative products and services as an integral part of corporate segment. Research to date has
revealed its unique features and ethos, yet it has to overcome multifarious global
impediments. The focus of this study is to encapsulate the enormous challenges Islamic
finance service industry has encountered during last three decades. We find the arguments
such as complex regulatory and supervisory issues; absence of uniform reporting standards;
prudential challenges; misconception among western society pertaining to Islamic banking;
scant financial instruments and concurrent money and capital markets; fierce compaction by
western banking; lack of consensus among Shariah Scholars; and central governing body
that are precarious challenges among others. Therefore, policy makers need to constitute an
integrated central regulatory body to congregate speckled Islamic banking practices and to
foster the underlying philosophy of Sharia compliance operation along with synchronized
and unified standardized worldwide.
Keywords : | Islamic finance service industry, Challenges, Shariah Compliance, legal framework, UNSPECIFIED |
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Journal or Publication Title: | Marketing and Branding Research |
Volume: | 4 |
Number: | UNSPECIFIED |
Item Type: | Article |
Subjects: | Ekonomi Islam |
Depositing User: | Users 15 not found. |
Date Deposited: | 20 Dec 2019 06:49 |
Last Modified: | 20 Dec 2019 06:49 |
URI: | https://repofeb.undip.ac.id/id/eprint/564 |