Islamic Banking in the United Kingdom

Paper Summary:

The Islamic banking industry has not been confined to Muslim countries alone but has spread to important finance centers in Europe, the United States of America and the Far East. In contrast to what those in the United Kingdom might consider traditional banking, Islamic banking derives its rules and practices from religious sources. Having recognized this, one should understand that Islamic banking truly is in a developmental stage pertaining to the interaction between Western financial practices, which are based, in large part, on the role of interest, and the dictates of the Qur'an and the Islamic Prophet Mohammed, which together are interpreted to forbid interest.
This study discusses the topic of Islamic banking in the United Kingdom. In this paper, the research problem, objectives, hypothesis and significance of the study are presented. The method and limitations are presented as well, as is a review of the literature and other important information that is necessary for a complete and thorough understanding of the study.
Paper Outline:
Chapter I:
Introduction
Background
Statement of the Problem
Definition of Terms
Purpose of the Study
Significance of the Study
Scope and Limitations of the Study
Research Questions
Overview of the Study
Chapter II:
Review of the Literature
Chapter III:
Methodology
Research Design and Approach
Population and Sample
Collection and Tabulation of Data
Data Analysis Procedure
Reliability and Validity of the Data
Survey Instruments
Chapter IV:
Analysis of the Data
Chapter V:
Summary, Recommendations and Conclusion
Works Cited

From the Paper:

"It is very difficult, still, to find banks that are Shari'a compliant in Western countries. Most of the Islamic 'Banks' are not recognized by the regulating bodies of specific countries and therefore they are not really considered banks by those that are Non-Islamic (Chapra, 1992). The Institute of Islamic Banking and Insurance, however, is aware of the challenges that would be faced by a Shan'a-compliant bank in the Western world (Kuran, 1997). Having to work around the regulations placed on them by a non-Muslim government has been hampering the growth of many Islamic Banks in Non-Islamic nations and has a strong effect on how well these banks can perform (Patrikis, 1996)."

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