Problems and Issues in Transformation from Conventional Banking to Islamic Banking: Literature Review for the Need of a Comprehensive Framework for a Smooth Change.

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dc.contributor.authorRafay, Abdul
dc.contributor.authorSadiq, Ramla
dc.date.accessioned2018-10-19T11:25:38Z
dc.date.available2018-10-19T11:25:38Z
dc.date.issued2015
dc.description.abstractDuring last few decades, conventional financial systems are being transformed to Islamic financial systems in many countries around the globe. One of the major components of Islamic financial system is Islamic Banking. As most of the economies were not ready for this change, Islamic banks and financial institutions were and are confronted by many difficulties primarily due to non-existence of a comprehensive framework. We studied these transformation problems and issues in Far Eastern countries being the first entrants in this transformation phase. Among a large number of problems some are lack of general awareness among various stakeholders, existence of different schools of thought within Islam and insufficient/ineffective legal rules and regulations. Concerted efforts are not made to develop a new framework in line with the sensibilities towards the role of religion in commercial and financial activities of society and to introduce laws compliant with core Shariah principles, prudential standard requirements for supervision, disclosure requirements for financial statements, corporate governance and transparency requirements, new product development requirement, consumer code of conduct to name a few. New entrants in Islamic Banking may take benefit of this learning curve.en_US
dc.identifier.citationRafay, A., & Sadiq, R. (2015). Problems and Issues in Transformation from Conventional Banking to Islamic Banking: Literature Review for the Need of a Comprehensive Framework for a Smooth Change. City University Research Journal, 5(2), 315-326.(Abdul Rafay and Ramla Sadiq)en_US
dc.identifier.urihttps://escholar.umt.edu.pk/handle/123456789/3357
dc.language.isoenen_US
dc.publisherCity University Research Journal.en_US
dc.subjectFinanceen_US
dc.subjectFramework, Islam, Islamic Banking, Regulatory Standards, Transformationen_US
dc.titleProblems and Issues in Transformation from Conventional Banking to Islamic Banking: Literature Review for the Need of a Comprehensive Framework for a Smooth Change.en_US
dc.typeArticleen_US
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