Journal of Legal, Ethical and Regulatory Issues (Print ISSN: 1544-0036; Online ISSN: 1544-0044)

Abstract

Operation of Shari'ah-Compliant in Financial Institution among the Muslim Minority Community: Challenges and Prospects in the Developed and Developing Economies

Author(s): Shafiqul Hassan

The Islamic banking services coupled with products have universal validity therefore the practice should be open equally to both Muslims and non-Muslims in the concerned Muslim minority countries in both developing and developed countries of the globe. It has gained prominence and hence; spread worldwide as the preferred way of banking. Although the practice is evident mostly in Islamic countries, its importance cannot be over emphasized in non-Islamic countries too. Therefore, the present research intends to explore the challenges being faced by the potential clients in Muslim minority countries which is of concern to this study as well as the prospects in order to come up with a model of effective operation of the Sharia’h-compliant in the financial sector in both developed and developing countries. The source of data collection in the present research is document from different empirical studies. The findings from the studies could serve as template of effective operation of the Shari'ah-complaint institutions among the Muslim minority in both developed and developing countries as aforesaid which crucial to this present research.