Compose a 1500 words assignment on islamic banking description. Needs to be plagiarism free! The practice of Islamic banking has been viewed to be 30years old and still needs to be get fully developed (Elgari, 2011).
This paper intends to evaluate the advancement of Islamic banking in recent years and also to assess the success of the Islamic banks throughout the globe especially in the emerging countries like India and China. Various aspects such as the perception as well as the ethical background of Islamic banking will also be taken into concern in the paper.
The perception of Islamic banking is fundamentally based upon Islamic law i.e. Shariah. These banks generally follow the business transactions concerning Islamic banking as well as finance rules. These rules typically originated from different Islamic law sources that encompass the Quran, the Shariah scholars (ijma), personal reasoning (ijtihad), the Sunnah and analogy (qiyas) (Banking Info, 2009). It has been apparently observed that the functions of Islamic banking were initially commenced in the year 1962, especially in Malaysia. Gradually, the banks relating to Islamic banking were raised extensively and have been viewed to perform their different operational functions across the entire globe. With regard to the operational activities of Islamic banking, it has been viewed that the Islamic banks allocate a substantial portion of their funds to various business segments like trade, real states, industries and service sectors (Kahf & et.al, 1998).
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Currently, the different operational functions of Islamic banking remain much focus upon enhancing the financial position of the countries acting as development banks, performing activities according to the system of Western banks and offering products or services to confirm the ethical values of Islam.