2015Nigerian Chapter of Arabian Journal of Business and Management ReviewRequires access

Islamic Banking Scheme : A New Silver Bullet in Banking Industry

Dariyoush Jamshidi, Nazimah Hussin, Fatemeh Darougheh Hazrati

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Abstract

Islamic banking scheme is one of the most recent banking system in this industry. Directing banking based on Shariah principles is known the Islamic banking and more than 100 various Islamic financial products and services is offered by different banks around the world through utilizing multiple Islamic concept and principles. Accordingly, this study is an attempt to show and conceptualize this banking scheme in detail. Besides, it is an effort to indicate to the opportunity that Islamic banking system can provide for different countries, even non-Muslim nations to motivate banks’ customers to trust the banking industry again, which in turn the world economy could be saved.

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What this paper is about

Islamic banking scheme is one of the most recent banking system in this industry. Directing banking based on Shariah principles is known the Islamic banking and more than 100 various Islamic financial products and services is offered by different banks around the world through utilizing multiple Islamic concept and principles. Accordingly, this study is an attempt to show and conceptualize this banking scheme in detail. Besides, it is an effort to indicate to the opportunity that Islamic banking system can provide for different countries, even non-Muslim nations to motivate banks’ customers to trust the banking industry again, which in turn the world economy could be saved.

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Available abstract

Islamic banking scheme is one of the most recent banking system in this industry. Directing banking based on Shariah principles is known the Islamic banking and more than 100 various Islamic financial products and services is offered by different banks around the world through utilizing multiple Islamic concept and principles. Accordingly, this study is an attempt to show and conceptualize this banking scheme in detail. Besides, it is an effort to indicate to the opportunity that Islamic banking system can provide for different countries, even non-Muslim nations to motivate banks’ customers to trust the banking industry again, which in turn the world economy could be saved.

Key concepts: Islamic banking, Islam, Silver bullet, Banking industry, Business, Retail banking, Commerce, Financial services

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