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Similarities and differences in Islamic and conventional banking

In: Risk and Regulation of Islamic Banking

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  • Mohamed Ariff
  • Mervyn K. Lewis

Abstract

From a single product offering in 1963, the Islamic financial services industry has grown to an estimated $1.6 trillion in assets. Products must comply with profit and risk-sharing criteria and regulations preventing banks from venturing into activities with high risk and excessive uncertainty. This timely volume analyses these matters and considers the range of new products, discussing both conceptual and practical dimensions. It connects Islamic finance to the mainstream theoretical literature on financial intermediation while also exploring its differences. The expert contributors also examine why an ethical foundation is important and why the system requires well-thought-out regulations to ensure outcomes that protect the community’s well-being.

Suggested Citation

  • Mohamed Ariff & Mervyn K. Lewis, 2014. "Similarities and differences in Islamic and conventional banking," Chapters,in: Risk and Regulation of Islamic Banking, chapter 4, pages 55-70 Edward Elgar Publishing.
  • Handle: RePEc:elg:eechap:15843_4
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    References listed on IDEAS

    as
    1. Zafar Iqbal & Mervyn K. Lewis, 2009. "An Islamic Perspective on Governance," Books, Edward Elgar Publishing, number 12659.
    2. Olga Krasicka & Sylwia Nowak, 2012. "What’s in it for Me? A Primeron Differences between Islamic and Conventional Finance in Malaysia," IMF Working Papers 12/151, International Monetary Fund.
    3. Mervyn K. Lewis & Latifa M. Algaoud, 2001. "Islamic Banking," Books, Edward Elgar Publishing, number 1488.
    4. Harris, Milton & Raviv, Artur, 1979. "Optimal incentive contracts with imperfect information," Journal of Economic Theory, Elsevier, vol. 20(2), pages 231-259, April.
    5. Douglas Gale & Martin Hellwig, 1985. "Incentive-Compatible Debt Contracts: The One-Period Problem," Review of Economic Studies, Oxford University Press, vol. 52(4), pages 647-663.
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    Keywords

    Asian Studies; Economics and Finance;

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