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Constraints on Islamic Banking Within European and Czech Legal Framework
Mádl, Hynek ; Kohajda, Michael (advisor) ; Kotáb, Petr (referee)
Title Constraints on Islamic Banking Within European and Czech Legal Framework Author Hynek Mádl Keywords Islamic banking, credit, Sharī'ah board, Murabaha, Musharakah Summary Islamic banking is a sector of financial market which was formed in the 1970s and since then, it has spread outside Muslim countries too. The difference between Islamic banking and conventional banking is in the fact that all activities of Islamic banks shall be consistent with the principles of Islamic law. The submitted thesis aims to find and analyse obstacles of implementing Islamic banking, resulting from its singularities, in the European and Czech legal framework. In the introduction, the author shortly describes theoretical principles of Islamic banking and ways in which contemporary practices of Islamic banks have deviated from these principles. The next part of the thesis lays out individual characteristics of Islamic banking. Using the examples of specific finance models (especially Murabaha and Musharaka financing), these features are assessed from the viewpoint of their compliance with legal regulation of banks and their activities. The process in which a bank provides financing to its clients by acquiring and disposing assets, which such financing applies to, is considered to be the most disputable element of Islamic...
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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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Islam and Economic Performance: A Meta-Analysis
Kratochvíla, Patrik ; Havránek, Tomáš (advisor) ; Schwarz, Jiří (referee)
Islam and Economic Performance: A Meta-Analysis Patrik Kratochvíla June 28, 2021 Abstract The ongoing economic supremacy of the West has prompted debates on the ability of non-Christian religions to generate economic growth. The academic literature focusing on the Islamic religion o↵ers multiple answers, leaving the matter unresolved and with no definite conclusion. Based on a quantitative sur- vey of 315 estimates collected from 41 relevant academic studies, Islam exerts a positive and statistically significant e↵ect on economic growth in 40% of cases, a negative and statistically significant e↵ect in 10% of cases, and virtually zero e↵ect in 50% of cases. Tests for publication bias indicate slightly preferential reporting against negative estimates. When I correct for this bias, I find that the mean e↵ect of Islam on economic growth is positive but economically small. I also construct 79 moderator variables capturing methodological heterogeneity among the primary studies and apply the method of Bayesian model averaging to deal with model uncertainty in meta-analysis. The analysis shows that the heterogeneity in the results is primarily driven by di↵erences in the sample com- position and the choice of control variables, and to a lesser extent by estimation characteristics and proxies for Islam employed. 1
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An Application of Islamic Banking Principles in Azerbaijan
Mammadli, Sabina ; Teplý, Petr (advisor) ; Bauer, Michal (referee)
This master thesis examines key differences between Islamic and conventional banks. We use a data on 2374 banks from 47 countries for the 2010-2016 period. We apply comparative statistical analysis, Ordinary Least Squares regression and System Generalized Method of Moments to estimate the effects of both bank types on their profitability and stability. The contribution of the thesis is threefold. First, we find a significantly higher profitability of Islamic banks compared to conventional ones. Second, we did not find any evidence that Islamic banks are less stable. Finally, we conclude that the women participation in financial activities is correlated with the development of conventional, not Islamic, banks JEL Classification G21, C33, F33, F34, J11 Keywords Islamic banking, bank profitability, bank stability, gender participation Author's e-mail Sabina.mammadli@hotmail.com Supervisor's e-mail Petr.teply@fsv.cuni.cz Master's Thesis Proposal Institute of Economic Studies Faculty of Social Sciences Charles University in Prague Author: Bc. Sabina Mammadli Supervisor: Doc. PhDr. Petr Teplý, PhD. E-mail: Sabina.mammadli@hotmail.c om E-mail: Petr.teply@fsv.cuni.cz Phone: 608 550 236 Phone: 222 112 326 Specializatio n: CSF Defense Planned: June 2017 Proposed Topic: An Application of Islamic Banking Principles in...
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The comparison of the monetary systems without interest and systems with interest
FISENKO, Anton
This bachelor thesis is focused on comparing the monetary system without interest and the system with interest. The thesis contains information on interest-free monetary systems, describes their characteristics and types. The work includes information on complementary currencies, JAK bank and Islamic banking and demonstrates significant historical examples of the use of complementary currencies in the traditional economy. The thesis presents a comparison of Islamic and traditional banking. The comparison is based on an analysis of existing empirical studies about Islamic banking conducted over the past 10 years.
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Regulation of financial markets: Islam vs. conventional financial systems
Valachová, Sára ; Urban, Jan (advisor) ; Borkovec, Aleš (referee)
v anglickém jazyce This theses deals with the nature of Islamic banks and their products in the context of the regulation of financial markets and banking. Islamic banking can be understood as a banking activity that is consistent with sharia - Islamic law. Despite considerable obstacles that Islamic banking has faced in the past, it now occupies a significant and growing portion of the global financial system. In the first part, I will introduce the principles of Islamic law, on which Islamic banking is built, along with the key principles of Islamic finance. Special attention is also paid to the recent history of Islamic banking. Following is a section dealing with selected banking products offered by Islamic banks, whose understanding is crucial for the comprehension of the specific challenges that Islamic banks are facing. The second part is devoted to the issues of regulation of Islamic banks. Firstly, an overview of international regulatory institutions operating in the field of Islamic finance is given and I further explore the question of the impact of Basel III measures on Islamic banks. Due to its nature, Islamic banks are in need of further internal and external audit which examines compliance of their activities with Islamic law. This work is carried out by Sharia Supervisory Boards...
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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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Coexistence of Conventional and Islamic Banking: The Impact on Growth and Trade
Hawi, André ; Mejstřík, Michal (advisor) ; Pečená, Magda (referee)
This thesis aims at understanding the impact of Islamic banking development on economic growth and international trade in countries with a dual banking system. For this purpose we use a sample of twenty countries mainly from the Middle East, North Africa, and Southeast Asia during the time period from 1999 through 2014. We employ commonly used panel data estimators such as Pooled OLS and Fixed Effects, as well as the generalized method of moments (GMM) to address a possible endogeneity of the banking development indicators. Our findings show that on the one hand Islamic banking development in countries with a dual banking system hinders economic growth while on the other hand it boosts international trade. The study further discusses why Islamic banking might actually obstruct growth.
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