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grounds. This complacency seems more pronounced in countries with only one Islamic bank. Many Muslims find it more convenient to deal with conventional banks and have no qualms about shifting their deposits between Islamic banks and conventional ones depending on which bank offers a better return. This might suggest a case for more Islamic banks in those countries as it would force the banks to be more innovative and competitive. Another solution would be to allow the conventional banks to undertake equity financing and/or to operate Islamic ‘counters’ or ‘windows’, subject to strict compliance with the Shariah rules. It is perhaps not too wild a proposition to suggest that there is a need for specialized Islamic financial institutions such as Mudaraba banks, Murabaha banks and Musharaka banks which would compete with one another to provide the best possible services. Recognizing the problem that some financing instruments used by Islamic financial institution closely resemble interest-bearing instruments, Muslim scholars have voiced their opinion that more profit-and-loss sharing instruments should be developed and used. In recent times there have also been calls for Muslim countries to follow the lead of Iran and Pakistan, where their governments have enforced the Islamic financial system as the only available finance option. One of the major pillars required to be put in the place in order to strengthen both international and domestic financial system is; to develop a uniform supervisory and regulatory frameworks which are consistent with internationally accepted practices for banks and non-banks financial entities. Organizations such as Islamic Development Bank can play a major role in the development of Islamic banks and the essential dissemination of information on the above issues to its global membership. Strategies have to be carefully devised so that the image of Islamic character and solvency as a bank is simultaneously promoted. Pilot schemes in some selected areas should be started to test innovative ideas with profit-loss-sharing modes of financing as major component. This type of scheme may be experimented both in urban and rural areas. This endeavor will serve as a ready reference that Islamic banks are in the process of transforming themselves as PLS banks. Side by side, they will gain experience from real situation as to the problems that might come up while implementing profit-loss-sharing modes on trial and error basis.

first islami security bank  
first islami security bank  
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