A study into Islamic Bank operating framework: A case study of Dubai and Malasyia banks

A study into Islamic Bank operating framework: A case study of Dubai and Malasyia banks

 

A study into Islamic Bank operating framework: A case study of Dubai and Malasyia banks List of Abbreviations IFSB- Islamic Financial Services Board IOSCO- International Organization of Securities Commissions AAOIFI- Accounting and Auditing Organization for Islamic Financial Institutions OIC- Organization for Islamic Conference USAIB- United States of America International Business LIBFC- Labuan International Business and Financial Centre DIFC -Dubai International Finance Centre DFSA -Dubai Financial Services Authority DMCC -Dubai Multi Commodities Centre Authority Contents Appendix 3: Research Invitation Letter 30 1.0 Introduction According to Mahlknecht and Hassan (2011), there are more tha
Introduction
Jurisdiction’s Central Bank Acts, Islamic Financial Services Board, International Organization of Securities Commissions and Accounting and Auditing Organization for Islamic Financial Institutions have been created to provide framework under which Islamic Banks will operate (Rahman, 2010). Modern Islamic finance and banking took off in 1960s after Egypt launched a Social Bank in 1963. Initially, as early as 1973, Islamic Finance was confined to Middle East, although countries like; Pakistan and Sudan have tried to ‘Islamicise’ their financial systems. Middle East adopted, nurtured and preserved Islamic banks to what it is today. According to Mahlknecht and Hassan (2011), Islamic finance is expanding worldwide and growing at exponential rate. According to Kettell (2010), the world of Islamic Banking Competiveness Report 2007/08 stated that the value of Islamic banking assets and assets under management was expected to reach US$ 1 trillion by 2010. …………………………..