Contemporary Challenges Confronting Islamic Banking &amp; Finance

Khan, Muhammad Asif; Shehzad, Muhammad Waseem; Khan, Muhammad Atif

doi:10.18052/www.scipress.com/ILSHS.55.86

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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This article has been retracted.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. 49-49, 2017.

Upon the results of article check by using the iThenticate software we have become aware that the substantial part (more than 50%) of the main text of the article was duplicated from the multiple articles. Although the authors stated that it happened unintentionally, we believe that plagiarism in all its forms is unacceptable. Since the significant amount of the article was taken from previously published papers, the manuscript was subjected to retraction for the purpose of alerting readers to the case of plagiarism. The editors would like to apologize to the Journal’s readers for the late case detection. We are committed to publish original scientific manuscripts only.

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

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Abstract:

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

Info:

Periodical:

International Letters of Social and Humanistic Sciences (Volume 55)

Pages:

86-94

DOI:

https://doi.org/10.18052/www.scipress.com/ILSHS.55.86

Citation:

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:

July 2015

Authors:

Muhammad Asif Khan, Muhammad Waseem Shehzad, Muhammad Atif Khan

Keywords:

Contemporary Challenges, Islamic Banking, Islamic Finance, Shariah

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Open Access

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Creative Commons Attribution 4.0 International License

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