Islamic Finance and Banking-Kaleidoscopic dialogue in the Global Economic Scenario
Keywords:
Islamic Bank, PLS notion, Musharakha, Alternative mechanism, Equity distribution, Kharaj, Islamic Window, Rakhu Ram Rajan Committee reportAbstract
Islamic Finance is rapid growing economy in this global economic scenario both in the West and the East as the best alternative for the current economic problems and issues which neo-classical economics theories setback for finding solutions. This paper explores scope and rationale for the increasing demand of the Islamic financial institutions around the world. The paper also extended to the historical evolution of the Islamic Banking in the chronologically and thematically as on the political changes till the impact of 9/11 incident of 2001 and the Islamic window operation in the western countries. The scope of the study is that identification of the non-economic factors caused for the world economic crisis that facilitated the West to choose intermediaries in the banking sector and Islamic Bank as best alternative and operationally Islamic Window with the conventional system. The study also highlights the key principles, charismatic characteristics and radical differences from the conventional banking system. Like other financial ideologies Islamic Banking also faces negative commentaries, risks and limitation have to be modified in future
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