Mr Anees Razzak
Re-discovery of Common Roots
Towards Islamic Banking
2. Bachelor’s Paper
Exposé
IMC University of Applied Sciences Krems
Bachelor’s Programme:
Export oriented Management
Foziya J.
0810398025
Area of emphasis: International Human Resource Management
Advisor: Mag. Gerhard Kormann
Submitted on: 10th December 2010
1 Suggested supervisor
This Bachelor Thesis will be coached by Mag. Gerhard Kormann.
2 Outline of the problems to be discussed
Despite exponential growth of Islamic banking in the last decades, Islamic finance is largely concentrated in specific parts of the Muslim world. The potential in non-muslim countries and remote parts of the world is overlooked in many instances. Nevertheless, increasing interest in Muslim and non-Muslim countries alike are contributing to the development of Islamic finance beyond historical boundaries.
This paper intends to discuss the cultural challenges which have to be faced by potential markets that present huge opportunities in the Islamic financial industry. Furthermore, there will be an in-depth analysis of the historical changes of the prohibition of interest. In modern economic systems interest plays a very important role. In fact, in the Western world people cannot think of any economic system without interest. It is remark here that lending of money for interest was abhorred and, in most cases, prohibited by all the monotheistic religions (Islam, Christianity and Judaism).
Additionally, there are certain areas which have always been a concern just like the Human Recource availability for Islamic financial institutions. When entering an Islamic bank sometimes one finds that conventional bankers are actually running Islamic banks and financial institutions. The first phase of Islamic banking and finance is about bankers who are trained in conventional traditions and have played an important role for the development of Islamic banking. However, now that Islamic banking has become
Towards Islamic Banking
2. Bachelor’s Paper
Exposé
IMC University of Applied Sciences Krems
Bachelor’s Programme:
Export oriented Management
Foziya J.
0810398025
Area of emphasis: International Human Resource Management
Advisor: Mag. Gerhard Kormann
Submitted on: 10th December 2010
1 Suggested supervisor
This Bachelor Thesis will be coached by Mag. Gerhard Kormann.
2 Outline of the problems to be discussed
Despite exponential growth of Islamic banking in the last decades, Islamic finance is largely concentrated in specific parts of the Muslim world. The potential in non-muslim countries and remote parts of the world is overlooked in many instances. Nevertheless, increasing interest in Muslim and non-Muslim countries alike are contributing to the development of Islamic finance beyond historical boundaries.
This paper intends to discuss the cultural challenges which have to be faced by potential markets that present huge opportunities in the Islamic financial industry. Furthermore, there will be an in-depth analysis of the historical changes of the prohibition of interest. In modern economic systems interest plays a very important role. In fact, in the Western world people cannot think of any economic system without interest. It is remark here that lending of money for interest was abhorred and, in most cases, prohibited by all the monotheistic religions (Islam, Christianity and Judaism).
Additionally, there are certain areas which have always been a concern just like the Human Recource availability for Islamic financial institutions. When entering an Islamic bank sometimes one finds that conventional bankers are actually running Islamic banks and financial institutions. The first phase of Islamic banking and finance is about bankers who are trained in conventional traditions and have played an important role for the development of Islamic banking. However, now that Islamic banking has become