Islamic Finance

All banks in Bangladesh are supervised and inspected under the same rules of operation. In some cases, Bangladesh Bank has given special provisions to Islamic banks. To facilitate the growth and prosperity of Islamic banks, Bangladesh Bank must devise separate regulatory and supervisory guidelines for Islamic banks. Islamic banks operate differently than conventional banks, so it stands to reason that they need a unique set of rules.

An imbalance between management and control rights is attributed as a major cause of lack of profit loss sharing (PLS) in the practice of Islamic finance.

Conventional Accounting parades itself as an objective, value-free technical discipline which provides information to shareholders and creditors to enable them to make informed decisions. This is supposed to result in efficient allocation of resources in the economy leading to social welfare (AAA, 1975). Any infusion of normative values (such as Islamic religious values) is thus taken as unwarranted interference of a metaphysical discipline in the realm of social science, which we are told can only make accounting biased and unscientific (Watts & Zimmerman, 1986).

The widespread application of al-bay' bithaman ajil (BBA) contract in the Islamic banking business today requires a serious reexamination. This is to see that the welfare of consumers is protected, which all Islamic contracts must provided for. It is made by way of making the existence of 'iwad in profit arising from BBA or murabahah transactions evidently clear. One of the component of 'iwad is the right of the buyer to annul the contract when a defect is evident in the product sold, namely

Middle East investment in property in Europe, particularly within the UK, increased dramatically in 2001, indicative of a shift away from the US and towards shari`a-compliant funds in the UK.

Bananas have always been a key generator of revenue for the Windward Islands. Now, the banana industry is experiencing a precipitous decline due to the increase in Caribbean offshore centers. The development of offshore sector frameworks must include deliberate public policy-making aimed at enhancing economic diversification in the region.

Muslims make up 53% of the population of Malaysia, but Islamic banks capture only 1.5% of the country’s banking industry. What is the cause of this imbalance? Islamic banks are not being marketing appropriately. Although almost 100% of the

Banking regulations in India provide special challenges and opportunities to Islamic banks. The growth and stability of this nascent industry is dependent on industry leaders making the right choices within this unique framework.

This paper highlights various sources that could form the basis of law governing Islamic insurance or takaful. The paper covers primary sources of Islamic law, such as, the holy

Due to strong competition and high technological demands, Islamic banks must think strategically to provide high quality products and services to their customers. It is essential for Islamic banks to take cultural differences into account when assessing and adopting plans for service quality. A new model, CARTER, has been developed to assess service quality based on 15 data points. There is a strong link between customer satisfaction and service quality, which can be viewed mathematically as a system of CARTER inputs and outputs.