The Hundred Differences between Islamic and Conventional Banking Systems
Journal Title: International Journal of Scientific Research and Management - Year 2017, Vol 5, Issue 9
Abstract
Islamic Banking is a cat chphrase now to many of the policy makers in the globe. Neither receipt nor payment of interest in this system questions its survival. Astoundingly, it has proved itself as a more effective system than currently practiced interest based banking system. How ever, the recent global economic crisis has impacted financial performance of many banks all over the world. It has forced around 123 banks in the U.S. to file for bankruptcy in just a year, including American giant bank Lehman Brothers that was never been expected to fail. Fascinatingly, even in such turmoil Islamic banks are found to be relatively less affected by the crisis than their conventional peers (S E Hidayat et al, 2012). Consequently, a lot of interest is shown by the economists across the world in assessing its feasibility in adapting in main stream economy. In this context, an attempt is made in this paper to understand the differences between Islamic and conventional banking systems in practices and their impact on economic variables such as i nflation, full employment, exports, business cycles etc.
Authors and Affiliations
S Nayamath Basha
Keywords
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