Islamic banks at the threshold of the third millennium

✍ Scribed by Dr. Monzer Kahf

• Publisher: John Wiley and Sons
• Year: 1999
• Tongue: English
• Weight: 972 KB
• Volume: 41
• Category: Article
• ISSN: 1096-4762
• DOI: 10.1002/tie.4270410409

✦ Synopsis

Before they can compete in the third millennium environment, today's Islamic banks need a considerable rethinking of their future policies and a serious effort to restructure themselves. Islamic finance offered by these banks, however, represents a new dimension in the banking industry. The Islamic financing modes, actually practiced by conventional banks in several countries, are finding their way to mainstream banking. These new modes of financing are now becoming a part of the international financial market. They will not only survive, but probably be enhanced by the globalization and deregulation of the banking industry, regardless of the specifically Islamic banks' ability to stand the forthcoming competition after regulatory and geographical barriers are torn down. 0 1999 John Wiley & Sons, Inc. lAll banks are state-owned in Iran. In Sudan and Pakistan, there are state-owned banks, and 21997 Annual Directory of the International Association of Islamic Banks, Jeddah. private common-stock companies banks.