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Development of the Islamic Banking Model

  • Munawar Iqbal
  • Philip Molyneux
Part of the Palgrave Macmillan Studies in Banking and Financial Institutions book series (SBFI)

Abstract

Islamic banking, like any other banking system, must be viewed as an evolving system. No one disputes that there is a definite desire amongst Muslim savers to invest their savings in ways that are permitted by the Islamic Sharī‘ah. Nevertheless, they must be provided with ḥalāl returns on their investments. Islamic scholars and practical bankers took up that challenge and have made commendable progress in the last 30 years in providing a number of such instruments. However, the concepts of Islamic banking and finance are still in their early stages of development and Islamic banking is an evolving reality for continuous testing and refining of those concepts.

Keywords

Financial Intermediation Islamic Banking Demand Deposit Islamic Finance Conventional Banking 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Munawar Iqbal and Philip Molyneux 2005

Authors and Affiliations

  • Munawar Iqbal
    • 1
  • Philip Molyneux
    • 2
  1. 1.Islamic Banking and Finance Division Islamic Research and Training InstituteIslamic Development BankJeddahSaudi Arabia
  2. 2.University of WalesBangorUK

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