Islamic Finance And Islamic Financial Experts

3487 Words Jul 2nd, 2015 14 Pages
In this section the reader should expect to see findings of data and opinions by Islamic financial experts. Facts and figures that have been collected which will be presented.
Many people are sceptical about Islamic banks performances into the niche as newcomers to the market according to Samad, (2004). As previously mentioned, Islamic finance operates in accordance with the Qur’an. Islamic banks are non-conventional financial institutions which completely prohibit the action of ‘Riba’ (Interest) under Islamic Banking. As Islamic finance follows strict ethical practices in its dealing with jurisprudence to the Qur’an, it is only natural that Islamic banks as new competitors face steep challenges in sharing deposit and credit markets Goaied, (2011). Further to this it is to understand the strengths and weaknesses of Islamic finance, and how the differences between Islamic banks and conventional banks affects the market. According to this data by the Journal of Emerging Issues in Economics, Finance and Banking, Islamic finance have been growing rapidly. Based on the Deutshe bank (2011), Islamic finance has US$ 386 Billion in 2006 to US$ 1.1 trillion in 2011, which shows the value and that on a year or basis growth is taking place. In recent years, it has been said that Islamic financial institutions have also outperformed its conventional banks during one of the biggest financial crises during the year 2008. Figure 1 also demonstrates that throughout year by year, there is…
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