Free PDF BookThe Islamic banking system - Not conductive to the start-up of young innovative business firms

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Published on: 2006-02-15
Released on: 2006-02-15
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Seminar paper from the year 2006 in the subject Orientalism / Sinology - Islamic Studies, grade: 1,3, Ben Gurion University (Middle East Institute), course: Middle East Economics, 81 entries in the bibliography, language: English, abstract: The Islamic banking system is a relatively young institution that gains influence not only in the Islamic world but also in non-Muslim countries with big Muslim communities. The first Islamic bank, Dubai Islamic Bank, was erected in 1975; today about 265 Islamic finance institutions operate in more than 70 countries, and their assets have increased more than 40-fold since 1982 to exceed $230 billion. More and more western banks erect Islamic branches; the first was Citibank in 1996. This paper discusses the influence of an Islamic banking system on the start-up of young, innovative businesses. A negative influence would hinder these businesses to develop – if not counterbalanced by other measures like state involvement. In non-Muslim countries it would constrain religious Muslims from participating in the contemporary economical changes, determined by an opening-up of markets and privatization, which requires the start-up of new businesses.The Islamic banking system operates according to Islamic law; hence several Islamic restrictions, the most important is the prohibition of riba (=interest), limit its freedom to develop suitable financing instruments for the support of young, innovative businesses.These restrictions enlarge the risk of the bank especially when financing these businesses, so the bank either avoids these businesses or tries to bend the Islamic law and operates – de facto – like a conventional bank. In this case, however, the bank is facing problems with the Religious Supervisory Board, an integral part of every Islamic bank, which will stop the bank from deriving from the Islamic law (sharī´a).After discussing these determinants, I will discuss the existing interest-free financing instruments of Islamic Banking suitable for the start-up of young, innovative enterprises.On the example of the PLS-concepts musharaka and mudaraba, I will analyse the factors that make these financing concepts not attractive for banks, especially when financing young, innovative business. On the example of the Mark-up activities murabaha (Trade Financing) and ijara/ijara al-waktina (Leasing) I will analyse, why these concepts are only suitable for financing very special cases of young businesses and are not a suitable alternative to Western banking concepts for the majority of young entrepreneurs.Finally I will show ideas how to improve the system without violating Islamic law, but also discuss the limits of the Islamic banking system. Cellkraft AB Humidifiers and steam generators for ... Cellkrafts products in business area Humidity and Steam targets laboratories and industry. Quality and precision is secured so that the products can be used for ... Contents Vol.7 No.3 May 2004. Mathematical and Natural Sciences. Study on Bilinear Scheme and Application to Three-dimensional Convective Equation (Itaru Hataue and Yosuke ... Le Live Marseille : aller dans les plus grandes soires ... Retrouvez toutes les discothque Marseille et se retrouver dans les plus grandes soires en discothque Marseille. Ronco Showtime Knives Ronco Six Star As Seen on TV Ronco Knives Buy 1 Get 1 Free. Ronco Six Star Cutlery is the brainchild of inventor Ron Popeil. These Ronco cutlery sets feature a quality stainless steel knife for ... Full text of "NEW " - Internet Archive Search the history of over 279 billion web pages on the Internet. DirectoryVault Free Web Directory - Search results The firth stop for anime on the net here you can find the latest anime like Naruto Kiba Gundam and many more and complete series and movies and ova like Dragon ... Welcome to Bruno's Marketplace - the Gourmet Flavors of ... Bruno's Marketplace is a unique on-line store bringing you products from Bruno's Sierra Nevada and Waterloo. We are committed to bringing you quality food products ... Vult Cosmtica Qual o pincel ideal para aplicar batom? O Pincel n 01 da Vult perfeito para essa tarefa. Suas cerdas so sintticas e seu formato permite que voc possa ...
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