Essay: Effectiveness of the Islamic banking system

29 Apr

Essay: Effectiveness of the Islamic banking system

Sample Essay

The only barrier that seems valid in the implementation of such an intermediary form of banking and banking products is the conservative approach of the consumers guided by myths and opinion leaders. The Islamic banking needs to alter the principles that are not directly expressed in shariah, because the main purpose of banking is profit maximization and risk minimization.

In order to come up with a new product pertaining mainly to Islamic banking the research on the particular issue needs to be well organized and methodological. Conducting a valid research on the effectiveness of the Islamic banking system a proper research methodology has been devised. As a matter of fact this is an extensive topic and the method of research will begin from a further study of the principles and application of Islamic principles. A detailed study of about six months before continuing the research will prove effective. In order to get an answer of some important questions like

  • Why Islamic teachings prohibits from riba?
  • What is the significance of zakat?
  • What is the meaning of bank in Islam?

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