Islamic Banking: Modern Trends and Problems

DOI

10.2991/icemw-18.2018.58How to use a DOI?

Keywords

islamic banking, islamic financial institutions, islamic windows, islamic finance

Abstract

Islamic Finance is a financial system based on Islamic principles of transactions, offering alternatives to traditional forms of ethical and social financial behavior. Islamic banks started a rapid growth after the global financial crisis of 2008, showing greater resilience to risk than traditional banking institutions. Islamic banking is a normative concept that can be defined as banking compatible with the system of Islamic values. Today there are more than 300 Islamic banks in the world. Despite the significant growth observed in the assets of Islamic banks, their share in the global financial market is relatively small. A significant trend is the active penetration of Islamic banks into the national economies of the developed and developing countries, especially in the economies of countries that are seriously underfunded. The article describes the main trends, as well as the problems that prevent the expansion of Islamic banking in the modern economy. The authors conclude that Islamic banking faces such restrictions and limitations as: not relevant national banking legislation, lack of necessary financial infrastructure, low level of individual and corporative financial literacy, lack of information about Islamic financial products.

Copyright

© 2018, the Authors. Published by Atlantis Press.

Open Access

This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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TY  - CONF
AU  - Liliya Mirgaziyanovna Jusupova
AU  - Igor Anatolyevich Kokh
AU  - Tatyana Viktorovna Nikonova
PY  - 2018/08
DA  - 2018/08
TI  - Islamic Banking: Modern Trends and Problems
BT  - Proceedings of the International conference "Economy in the modern world" (ICEMW 2018)
PB  - Atlantis Press
SP  - 318
EP  - 322
SN  - 2352-5428
UR  - https://doi.org/10.2991/icemw-18.2018.58
DO  - 10.2991/icemw-18.2018.58
ID  - Jusupova2018/08
ER  -