Islamic banking (Ph.D. Dissertation)

Unlike many other studies, this research attempts to answer whether or not an interest-free financial system is crucial for Islamic countries if a relatively large part of the population religiously avoids the interest-based conventional system. The work discusses the negative outcomes of a less efficient economic system like a higher chance of skipping over prolific ventures, an inefficiency in accumulating savings, and unexpected operations of the interest rate as a monetary instrument. 1313 banks from 40 countries are used to demonstrate that interest-based banks in Islamic nations are less efficient than those in non-Islamic areas.