The Rise of Islamic banking and its expansion in Western Europe Countries

This research is about The Rise of Islamic banking and its expansion in Western Europe Countries. The Research will start discussing the topic of Islamic banking, its operations, historical and current status of Islamic banking globally, how does it differ from conventional banking.

 

In order to understand the growth of Islamic banking in Western Europe, current conventional banking system will also be analyzed and compared with Islamic banking systems.

 

 

In addition, the research will take into consideration the correlation between the risings of Islamic banks structures/ systems with other indexes and find out the relation in order to assess the Islamic banking future in western countries.

a. Correlation between Islamic Banks and the change in population (Muslim population in western countries particularly)

b. Correlation between Islamic banks and the corruption index.

  1. Correlation between Islamic banks and the economy growth.

 

 

 

The research has to be divided into sections:

 

Introduction: 1 page maximum summarizes the objectives of your project. This section is already provided in the additional materials. It contains a brief introduction about the topic, the research questions, thesis and hypothesis.

 

The research questionis:

  • What are the major factors that have lead to the recent expansion of Islamic banks in the western countries such as UK..Specially after the financial Crisis 2008?

 

Theoretical Framework and Topic Statement: In this section you are expected to describe in detail the context of the research. You will also highlight the questions that, in your opinion, are important for the field and thatneed answers. In this section you will show a clear understanding of the topic.

 

You will need to explain the following:

  • What is Islamic Banking?
  • Operations of both Islamic and conventional banking?
  • How does Islamic banking differ from Conventional Banking?
  • When was it established?
  • Current and Historical background of both Islamic and Conventional banking?

 

 

Methodology: Here you will describe the methods you chose to use in order to reach your objective, which is to find pertinent answers to the questions you developed in the topic statement. In the case of an empirical project (in which, for example, you would need to give a questionnaire to individuals or companies) you will be required to describe the sample’s characteristics (average age, gender representation, number of employees, questionnaire used, and all other important characteristics).

 

Our methods will contain two surveys (primary) and Case studies (Secondary).

  1. Survey 1 -> To Muslim and Non-Muslim customers -> asking them the reasons behind shifting to Islamic Bank
  2. Survey 2 -> To Banks ->Why shifting to Islamic Bank? Islamic windows..
  3. Secondary Resources: Case Studies..Statistical and other information about the topic.

 

Results: This section will contain all the pertinent statistical information and any other relevant findings. It will include the results of the surveys and relevant information from the case studies.

 

Analysis and Discussion: The most important section of your work. You will analyze the results of your study. You will show a clear understanding of the nature and significance of your findings. Your analytical skills will clearly be of central importance to this section of your research.
In order to fully understand the growth of Islamic Banking in Western Europe, the research will be analyzing the current conventional banking system, in particular;

 

 

  1. The operations of conventional banking:

This part focuses concentrate on analyzing the current western banking system, the laws that govern the running of the banks, and the different state regulatory bodies. This will also highlight the various types of banking operations present and their role within the whole financial infrastructure.

 

  1. Current & Historical Issues surrounding Conventional banking:

This part analyzes and highlights some of the significant issues that have led to the sensitive problems in the economies throughout the world such as un unnecessary risk taking to further increase financial gain, the issue of charging interest as a means of income for the banks which is forbidden in Islamic Banking and the need for tighter controls to be put in place by regulatory bodies and the IMF to prevent socio economic meltdown.

  1. How does Islamic Banking differ from Conventional Banking:
    Looking to the components of Islamic Banking that differ from conventional Banking and the impact they have. For instance, the nonpayment of interest. The research looks to different ways income is generated by Islamic Banking as opposed to conventional banking, the reasons for the steady risk of Islamic banking system in Europe countries and whether Islamic banking is indeed a more viable and sustainable way to transact business in the future.

 

This part will discuss the correlation between the rise of Islamic banks structures with other factors listed below and find out the relation in order to assess the Islamic banking future in western countries.

a. Correlation between Islamic Banks and the change in population (Muslim population in western countries particularly)

b. Correlation between Islamic banks and the corruption index.

  1. Correlation between Islamic banks and the economy growth.

 

Recommendations: Based upon the critical analysis of your findings you will be required to provide recommendations that, in your opinion, will help improve the field of Islamic banking.

 

Conclusion: One page maximum in which, in point form where possible, you will summarize your findings.

 

Abstract: One page in which you summarize your research. It will include the objectives, methodology and the findings.

 

 

Bibliography: A list of the readings, books, articles, internet documents etc, used for the research project.

 

 

 

 

General Information about the Topic:

 

Operations:

Islamic banks operate under the Sharia law and the Islamic legal code. The research is to find the reasons of the rising of Islamic banking in Western Europe. It will explain the efficiency of Islamic banking in western Europe and investigates the empirical evidence that the Islamic banking industry in the region is profitable, robust, efficient and continuously rising. By providing Examples of international banks entering Islamic banking business, such as; society Generate, BNP Paribas, Deutsche Bank and Standard Chartered

 

 

Historical and Current Situation of Islamic banking:

Islamic banking is not a relatively new concept. It is the laws of Sharia and it started flourishing what is knows as the Islamic “Golden age” in the early 7th century and continued to flourish for the next 400 years, which some refer to as “Islamic industrialization”

Currently Islamic banking is witnessing extraordinary growth with some figures putting it at around 10-15% growth per year, more importantly the signs of future growth of Islamic banking are extremely positive and Islamic banks have around 300 institutions spread over 51 countries which highlight the immense scale of the global growth.

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