The Islamic Banking: Goals for the Nearest Future

439
DOI: 10.20542/0131-2227-2017-61-2-85-93

A. Filonik (fao44@mail.ru),
Institute of Oriental Studies, Russian Academy of Sciences (IV RAN), 12, Rozhdestvenka Str., Moscow 107031, Russian Federation 

Abstract. 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. 

Keywords: Islamic banks, conventional banks, Islamic assets, Sharia standards, microfinancing, commercial financing, competitiveness 


REFERENCES

1. Al Tawil A. R. Dubai Passed a Record Distance as the Capital of the Islamic Economy (In Arabic). l Bayan, 29.10.2014.

2. Global Leaders at the Forum. Khaleej Times, 29.10.2014.

3. Al Tami-mi A. Z. Future of the Arab Economy (In Arabic). Al Arabi, 2015, May, no. 678, pp. 19-21.

4. Islamic Banking Needs Global Standartization. Business Islamica, 2013, vol. 7, issue 8, pp. 30-32.

5. Owermohly, Sarah. Going Global with Islamic Finance. Business Islamica, 2013, vol. 7, issue 8, pp. 34-35.

6. Is Islamic Banking Reaching Potential? Business Islamica, 2013, vol. 7, issue 8, p. 2.

7. Bocharova L.S. K voprosu o mikrofinansirovanii v arabskikh stranakh [Remarks on Micrfinaning in the Arab Countries]. Lomonosovskie chteniya2011. Sektsiya vostokovedeniya [Lomonosov Readings‑2011. Oriental Studies]. Moscow, IAAS MSU, 2011, pp. 143-145.

8. Bubu, Das Augustine. Banks Can Provide Innovative Financing. Gulf News, 26.02.2014.

9. Rashid A. We Invest the Waquf Capital and Develop It in Harmony with the Sharia Low and in Accordance with the Right Policy (In Arabic). rrai, 15.11.2009.


Registered in System SCIENCE INDEX

For citation:
Filonik A. The Islamic Banking: Goals for the Nearest Future. World Eonomy and International Relations, 2017, vol. 61, no. 2, pp. 85-93. https://doi.org/10.20542/0131-2227-2017-61-2-85-93



Comments (0)

No comments

Add comment







Indexed

 

 

 

 

Dear authors! Please note that in the VAK List of peer-reviewed scientific journals, in which the main scientific results of dissertations for the degree of candidate and doctor of sciences should be published for the “MEMO Journal” the following specialties are recorded:
economic sciences:
5.2.5. World Economy.
5.2.1. Economic Theory
5.2.3. Regional and Branch Economics
political sciences:
5.5.4. International Relations
5.5.1. History and Theory of Politics
5.5.2. Political Institutions, Processes, Technologies

 

Current Issue
2024, vol. 68, No. 7
Topical Themes of the Issue:
  • The Supporting Structure of Global Security
  • Institutional Features of the Fourth Energy Transition
  • The Evolution of Modern German Christian Democracy
  • The Monarchies of the Persian Gulf and Central Asia
Submit an Article
INVITATION FOR PUBLICATION
The Editorial Board invites authors to write analytical articles on the following topics:
  • changes in the processes of globalization in modern conditions
  • formation of the new world order
  • shifts in civilization at the stage of transition to a digital society

The editors are also interested in publishing synthesis articles / scientific reviews revealing the main trends in the development of certain regions of the world - Latin America, Africa, South Asia, etc.