Islamic banking- basic principles and challenges
Islamic banking- basic principles and challenges

Summary/Abstract: The current situation in the European economy release on a surface a signal about the need of new types of operating of the financial institutions, especially banks on sound and stable manner. This was a trigger for the focus in this article and attempt to closely review Islamic banks as the part of Islamic finance institutions. For this purpose, it is briefly analyzed, the role of Islamic Law and the basic principles of Islam in comprehensive functioning on Islamic banks and their influence in financial and commercial transactions according to the Shari`ah. This was a good way to understand specifics of Islamic banking and review of several challenges they are facing within the conventional banks environment in non-Muslim countries. Many efforts have been put, but many things remain to be researched and completed by both sides, the regulatory agencies and the Islamic banks, to exceed the open questions.

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