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Essentials of Islamic Banking and Finance IRSHAD AHMAD AIJAZ irshad786@gmail

Advanced topics in Islamic banking. Essentials of Islamic Banking and Finance IRSHAD AHMAD AIJAZ irshad786@gmail.com. Contents. SOWT of Islamic banks; Challenges and way forward; Revision of course; Brief introduction of Examination paper; Goodbye and thanks;. Issues and Problems.

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Essentials of Islamic Banking and Finance IRSHAD AHMAD AIJAZ irshad786@gmail

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  1. Advanced topics in Islamic banking Essentials of Islamic Banking and Finance IRSHAD AHMAD AIJAZ irshad786@gmail.com

  2. Contents • SOWT of Islamic banks; • Challenges and way forward; • Revision of course; • Brief introduction of Examination paper; • Goodbye and thanks;

  3. Issues and Problems • There are many issues, challenges, problems and threats to Islamic banking industry; • We can categorize these in to four types: • Theoretical aspects (academic side); • Practical aspects (business application and innovation); • Regulatory aspects (governmental and legal support and legislation); • Public aspects (awareness of general public).

  4. Theoretical aspects (academic side) • Theoretical aspect include: • Lack of research and development; • Few number of experts on both Islamic and economic side; • Differences in Fatwas; • Low acceptability to all Ulema and economists; • Unavailability of sufficient good material/stuff on the subject;

  5. Practical aspects (business application and innovation) • Practical aspect include: • Lack of knowledge; • No practical exposure as the field is new; • Readiness for replication/duplication rather than innovation; • Familiarity with conventional system rather than Islamic banking; • Gap between academia and application; • Big human resources issue; • Crucial need for training;

  6. Regulatory aspects (governmental and legal support) • Regulatory aspect include: • No legal support; • Public driven system; • Difficulties in legal documentation in absence of laws; • Regulatory framework is supportive of conventional system; • Slow process of legislation and legalization; • Attitude and behavioural problems;

  7. Public aspects (awareness of general public) • Public aspect include: • Lack of awareness; • Difference in beliefs, different school of thoughts; • Small marketing campaigns; • Behavioural issues; • Problems because of low literacy rate;

  8. Challenges and way forward • Standing in front of challenges is extremely important; • No one is of the view that if we are not getting whole thing we should leave its portion; • Partial achievement is not sufficient though but better than achieving nothing; • Journey towards a destination starts from first step; • Journey towards wrong direction is sometimes required to take a right turn to correct path; • Role of Pakistan in promotion of Islamic banking is great;

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