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International Letters of Social and Humanistic Sciences
Volume 55


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Contemporary Challenges Confronting Islamic Banking & Finance

This article has been retracted.

Is referred to by “Retraction Notice: M. A. Khan, M. W. Shehzad, M. A. Khan, Contemporary Challenges Confronting Islamic Banking & Finance, International Letters of Social and Humanistic Sciences, Vol. 55, pp. 86-94, 2015”, International Letters of Social and Humanistic Sciences. Vol. 76, pp. 49, 2017.

After checking the article [1] by the iThenticate software we became aware that a substantial part (more than 50%) of the main text of [1] had been copied from multiple other publications. Although the authors stated that it happened unintentionally, we believe that plagiarism in all its forms is unacceptable. Since the significant amount of the wording had been taken from previously published articles, the article [1] was subject to retraction for the purpose of alerting readers to the case of plagiarism.

Editors would like to apologize for the late detection of the problem to the readers of the Journal. We tend to publish original scientific manuscripts only.

We sincerely appreciate the efforts of anyone who brings matters of plagiarism to our attention. All authors of [1] were acknowledged about the decision to retract the article [1] and agreed to the retraction. Thus, the paper has been declared retracted and marked accordingly.

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The philosophy of Islamic economics is “brining economics in consonance with Shariah”, guiding Islamic banking and finance to abolish interest from operations, has reported a monumental growth, envisaged the most lucrative and unsusceptible segment of the economy. Islamic finance is undoubtedly flourishing worldwide entails trajectory development but at other front it encounters a number of impediments in development since its inception. The emphasis of this study is to encapsulate in tabular form, the contemporary problems and challenges Islamic finance has encountered during the span of last 28-years from 1988 to 2015. The austere Shariah compliance; regulatory and prudential challenges; misconception among western society about Islamic banking philosophy; unavailability of money and capital market for scant Islamic financial instruments; piercing competition; privation of Islamic banking and finance awareness; absence of uniform reporting standards; complexities of regulatory and supervisory issues; lack of central supervisory body, governance and dearth of consensus among Shariah scholars been the precarious challenges among many others. A unified central regulatory and supervisory mechanism required in converging sprinkled Islamic finance practices and to foster a synchronized and standardized regulatory framework consensus need to be developed among all Shariah scholars


International Letters of Social and Humanistic Sciences (Volume 55)
M. A. Khan et al., "Contemporary Challenges Confronting Islamic Banking & Finance", International Letters of Social and Humanistic Sciences, Vol. 55, pp. 86-94, 2015
Online since:
Jul 2015