An empirical investigation of the regulatory and non-regulatory challenges of the UK Islamic retail banking
Joint Authors
Karbhari, Yusuf
Bin Amrawi, Abd al-Hafiz
Bukarami, Ilyas
Dafgard, Carl
Source
Journal of Islamic Business and Management
Issue
Vol. 10, Issue 2 (31 Dec. 2020), pp.303-322, 20 p.
Publisher
Riphah International University Riphah Centre of Islamic Business
Publication Date
2020-12-31
Country of Publication
Pakistan
No. of Pages
20
Main Subjects
Abstract EN
The paper examines the regulatory and non-regulatory challenges facing the growth of Islamic retail banking in the UK.
Our analyses reveal that policy-makers and regulators in the UK have taken many actions to encourage the growth of Islamic finance.
However, despite of the suitable regulatory environment UK Islamic retail banks have so far failed to convince consumers of the credibility of their services due to the questionable structure of their products.
Intriguingly, the current system of sharia assurance is perceived to have several weaknesses which could perhaps lead to ambiguity, confusion and loss of credibility in the eyes of consumers.
Our findings also reveal several key religio-ethical considerations.
In particular, we highlight that the future of UK Islamic retail banking is bleak unless these issues are urgently tackled by creating a more transparent Islamic banking system and improving the current structure of sharia-compliant products to preserve the expected ethical and societal legitimacy of Islamic banks.
American Psychological Association (APA)
Bin Amrawi, Abd al-Hafiz& Bukarami, Ilyas& Dafgard, Carl& Karbhari, Yusuf. 2020. An empirical investigation of the regulatory and non-regulatory challenges of the UK Islamic retail banking. Journal of Islamic Business and Management،Vol. 10, no. 2, pp.303-322.
https://search.emarefa.net/detail/BIM-1429380
Modern Language Association (MLA)
Bin Amrawi, Abd al-Hafiz…[et al.]. An empirical investigation of the regulatory and non-regulatory challenges of the UK Islamic retail banking. Journal of Islamic Business and Management Vol. 10, no. 2 (2020), pp.303-322.
https://search.emarefa.net/detail/BIM-1429380
American Medical Association (AMA)
Bin Amrawi, Abd al-Hafiz& Bukarami, Ilyas& Dafgard, Carl& Karbhari, Yusuf. An empirical investigation of the regulatory and non-regulatory challenges of the UK Islamic retail banking. Journal of Islamic Business and Management. 2020. Vol. 10, no. 2, pp.303-322.
https://search.emarefa.net/detail/BIM-1429380
Data Type
Journal Articles
Language
English
Notes
Includes bibliographical references : p. 319-322
Record ID
BIM-1429380