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The development of Islamic banking in Great Britain with focus on Al Rayan Bank
Bízková, Tereza ; Pikal, Kamil (advisor) ; Váška, Jan (referee)
This bachelor thesis deals with the development of Islamic banking in Great Britain with a particular focus on Al Rayan Bank. Islamic finance has become more relevant in the Muslim countries, however, it is also increasingly present in the western financial structures. Although the process is still in its infancy, it is possible to observe specific differences among the countries. Great Britain is (to some extent together with Luxembourg) characterized as a country with the most developed market of Islamic financial products on the continent. The development in the country has been going on since the late 70s and early 80s and it has been affected by many factors. One of its most essential milestones was the establishment of the first wholly Islamic bank in Europe named Islamic Bank of Britain (later renamed to Al Rayan Bank) in 2004, which concentrates on retail market. Therefore, the aim of this thesis is to observe this unprecedented development and to identify circumstances and elements that contributed to it. In addition, the importance of the above mentioned institution both to the sector and the entire country is evaluated. The thesis is divided into three chapters. The first one explains the functioning of Islamic banking in theory, covering its concise history, religious principles and...
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The development of Islamic banking in Great Britain with focus on Al Rayan Bank
Bízková, Tereza ; Pikal, Kamil (advisor) ; Váška, Jan (referee)
This bachelor thesis deals with the development of Islamic banking in Great Britain with a particular focus on Al Rayan Bank. Islamic finance has become more relevant in the Muslim countries, however, it is also increasingly present in the western financial structures. Although the process is still in its infancy, it is possible to observe specific differences among the countries. Great Britain is (to some extent together with Luxembourg) characterized as a country with the most developed market of Islamic financial products on the continent. The development in the country has been going on since the late 70s and early 80s and it has been affected by many factors. One of its most essential milestones was the establishment of the first wholly Islamic bank in Europe named Islamic Bank of Britain (later renamed to Al Rayan Bank) in 2004, which concentrates on retail market. Therefore, the aim of this thesis is to observe this unprecedented development and to identify circumstances and elements that contributed to it. In addition, the importance of the above mentioned institution both to the sector and the entire country is evaluated. The thesis is divided into three chapters. The first one explains the functioning of Islamic banking in theory, covering its concise history, religious principles and...
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