Reconciling western financial institutions with Islamic principles: reforming the Saudi financial system. (Ph.D. Dissertation)
This dissertation argues that conflicts between Islamic beliefs and Western banking practices are not necessary if financial institutions are created that correspond with the institutional structure of Saudi society. There are low levels of participation in the Saudi banking system because of the interest-based nature of most banking institutions. The Saudi banking system has a much higher share of bank deposits in non-interest (demand) deposits when compared to both advanced and developing countries.