CEU Electronic Theses and Dissertations, 2008
| Author | Nanava, Rusudan |
|---|---|
| Title | Islamic Banking and Islamic Financial Products:Comparative Study of UK,US and Malaysia |
| Summary | The thesis represents comparative study of Islamic banking and Islamic financial products in UK, US and Malaysia. The aim of thesis is firs to examine what are the major problems on a way of development of Islamic finances in UK, US and Malaysia. Secondly, to propose possible solutions to identified problems. Basic principles of functioning of Islamic financial products are derived from Koran and Sunnah, primary sources of Islamic law. Main distinctive features of Islamic financial system are prohibition of interest-riba, and prohibition of excessive risk-gharar. First chapter of thesis will examine how interest free financial system functions. Second chapter will show problems emerging with practice of Islamic finances in secular states, particularly in UK and US and in state with mixed banking system- Malaysia. Third chapter will look at Islamic finances as a part of religious freedom, right to free exercise. Islamic banking and Islamic financial products faced many serious problems on a way of their integration into Western financial market. However, there is a strong demand for Shari’a compliant financial transactions and this is the main reason why Islamic financial products managed to emerge and establish. As long as there is a demand states will take all necessary steps to accommodate Islamic financial products in their financial markets. |
| Supervisor | Stefan Messmann |
| Department | Legal Studies LLM |
| Full text | https://www.etd.ceu.edu/2008/nanava_rusudan.pdf |
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