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Development of the Islamic Banking Model

In: Thirty Years of Islamic Banking

Author

Listed:
  • Munawar Iqbal

    (Islamic Development Bank)

  • Philip Molyneux

    (University of Wales)

Abstract

Islamic banking, like any other banking system, must be viewed as an evolving system. No one disputes that there is a definite desire amongst Muslim savers to invest their savings in ways that are permitted by the Islamic Sharī‘ah. Nevertheless, they must be provided with ḥalāl returns on their investments. Islamic scholars and practical bankers took up that challenge and have made commendable progress in the last 30 years in providing a number of such instruments. However, the concepts of Islamic banking and finance are still in their early stages of development and Islamic banking is an evolving reality for continuous testing and refining of those concepts.

Suggested Citation

  • Munawar Iqbal & Philip Molyneux, 2005. "Development of the Islamic Banking Model," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Thirty Years of Islamic Banking, chapter 3, pages 18-35, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-0-230-50322-9_3
    DOI: 10.1007/978-0-230-50322-9_3
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