Islamic Banks: Characteristics, Challenges and Prospects
Abstract
The article concerns the peculiarities of the Islamic banks’ functioning as special financial institutions. In particular, it examines the principles, organizational and legal framework for Islamic banking, as well as financial instruments used by the Islamic banks in active and passive operations. Special attention is paid to the differences of conventional and Islamic banks. Th e challenges and prospects of Islamic banking industry are analyzed. Among the most important problems, hindering the development of Islamic banks, are their competitive disadvantages, a poor infrastructure market for Islamic financial services, a high degree of regional fragmentation, and an imperfect system for banking supervision and regulation. However, despite the serious infrastructural and organizational challenges faced by the Islamic banking industry, prospects of its development are very positive.
Keywords:
Islamic Bank, Islamic banking system, Islamic financial instruments, Islamic financial institutions, Islamic financial system
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References
Литература на русском языке
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Translation of references in Russian into English
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Published
2013-03-29
How to Cite
Львова, Н. А. (2013). Islamic Banks: Characteristics, Challenges and Prospects. St Petersburg University Journal of Economic Studies, (1), 100–107. Retrieved from https://economicsjournal.spbu.ru/article/view/2117
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Finance, Credit, Insurance
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Articles of the St Petersburg University Journal of Economic Studies are open access distributed under the terms of the License Agreement with Saint Petersburg State University, which permits to the authors unrestricted distribution and self-archiving free of charge.
