Introducing Islamic Banks into Conventional Banking Systems

July 1, 2007

Preview Citation

Format: Chicago

Juan Sole. Introducing Islamic Banks into Conventional Banking Systems, (USA: International Monetary Fund, 2007) accessed November 21, 2024

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

Over the last decade, Islamic banking has experienced global growth rates of 10-15 percent per annum, and has been moving into an increasing number of conventional financial systems at such a rapid pace that Islamic financial institutions are present today in over 51 countries. Despite this consistent growth, many supervisory authorities and finance practitioners remain unfamiliar with the process by which Islamic banks are introduced into a conventional system. This paper attempts to shed some light in this area by describing the main phases in the process, and by flagging some of the main challenges that countries will face as Islamic banking develops alongside conventional institutions.

Subject: Banking, Commercial banks, Deposit insurance, Islamic banking, Islamic finance

Keywords: Bank, Central bank, Financial institution, Financial product, Islamic bank, WP

Publication Details

Pages:

26
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2007/175
Stock No:

WPIEA2007175
ISBN:

9781451867398
ISSN:

1018-5941

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