Literature Based Criticism on Islamic Banking & Finance and Way Forward
Abstract
Purpose - The paper aims to critically analyze the practices of IBs in respect of procedural, legal, and Shariah issues and to propose a comprehensive framework by critically scrutinizing and reconnoitering the different arguments elevated by Islamic intellectuals and scholars in the existence of preceding literary works.
Design/Methodology/Approach - This study is exploratory in nature with the objective to employ a qualitative research approach. Utilizing a compounding strategy of snowballing, wherein, all important publications referred in recovered articles as well as significant articles referring them on Google Scholar were explored. A multi-stage review approach is used, including Planning, Scheduling, Editorial assortment and Investigation or Analysis.
Findings - Halal finance is currently arriving at new degrees of complexity. In any case, a total halal financial framework with its recognizable instruments and markets is still especially at a beginning phase of advancement. Numerous issues and difficulties connecting with Halal instruments, monetary business sectors and guidelines should be identified and settled. In this paper a thorough survey of the writings on the halal financial framework has been given. In particular, the fundamental elements of the IBs and halal finance are talked about.
Limitations/implications - we used the subjective exploration strategy by utilizing just secondary information, hence, future examinations can be on research professionals' point of view to get primary information and data, which will assist them with distinguishing these hindrance factors by measurable investigation and to better comprehend the issues.
Originality/value - This study will not only be beneficial to scholastic readers but also to the financial controllers and practitioners, as many conservative financial institutions are now offering Islamic offerings and facilities together with their elementary premium‐based dealings.
