A. Filonik (firstname.lastname@example.org),
Institute of Oriental Studies, Russian Academy of Sciences (IV RAN), 12, Rozhdestvenka Str., Moscow 107031, Russian Federation
By now, the Islamic banks have passed through a rather historically short period since their first steady appearance at the financial markets in the Arab region. Nevertheless, this period was a scene for various events which finally resulted in creation of the successful Islamic project that has led the whole industry to the bloom. Meanwhile, the time that should undoubtedly be regarded as a preliminary stage of the Islamic capital formation and increase is coming to its end. One can say that the Islamic banks have already reached the ceiling in their capacity, and now ought to somehow revise their positions, evaluate perspectives and design a policy which would allow them to stay progressive in their future actions. The list of their weak points is not long enough. However, they are fairly sensitive and closely related not only to new spheres of a capital use, but also to more effective practices of assets management aimed at gathering of all efforts and remedies available in order to secure the new rise of the Islamic banking. It is worth to say that a rather big portion of efforts has been wasted till now due to losses in friction generated inside conservative mechanisms of the banks themselves and among them as well. In regard to the problems facing the industry, its managers do not consider that it will be easy to quickly mobilize the huge structures of the Sharia banks and push them forward with a necessary velocity. It may be no accident that the current time-table of the Sharia banking development program confirms the lack of meaningful positive shifts, while the whole deal is now proceeding to rotate round the common problems of the Islamic industry. The author assumes that critical understanding of the road passed by the Islamic banking may be considered a good potential for them to concentrate on the most important issues in a more decisive manner which may change the balance in favor of contemporary banking techniques and more effective social protection.
Islamic banks, conventional banks, Islamic assets, Sharia standards, microfinancing, commercial financing, competitiveness
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