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Islamic Banking Practices: Philosophical Background and Fundamental Differences

Muhammad Abdul Rehman Shah, Abdul Rashid

Abstract

Prophet Muhammad (PBUH) presented interest-free Islamic economic system on practical basis with sound institutional reforms. Originally, Islamic economic philosophy is as old as this universe exists in the light of Quran. The Shari’ah provides a methodology to people with reasonable degree of liberty in economic matters. Over the passage of time, Islamic economic theories are institutionalized in last quarter of the 20th century. On practical grounds, Islamic economic philosophy has been institutionalized with a wide range of financial product in compliance with Shari’ah. There are fundamental differences between conceptual models of Islamic banks versus conventional banks resulting with the differences in relationships, agency costs, contractual obligations, legal impacts, accounting treatments and their responses to monetary policy actions. The size of Islamic financial industry has been reached from $1.66 Trillion to $2.1 Trillion and expected to achieve the target of $3.4 Trillion by end of 2018. Hence, Islamic Finance assets are 1% of the global financial market of $127 Trillion in assets.”

Keywords; Islamic economic philosophy, History of Islamic Economic Thought, Islamic finance, Islamic versus conventional banks,

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