Exploring the challenges of conventional banking practices and prospects of introducing an Islamic banking in Tajikistan: using qualitative approach
The purpose of this research is to explore the challenges of current banking practices in Tajikistan and investigate the prospects of introducing the new Islamic banking system. In which the Islamic banking may help in bring back the trust to the people for dealin...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
| Published: |
Universitas Muhammadiyah Yogyakarta
2018
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| Subjects: | |
| Online Access: | http://irep.iium.edu.my/67646/ http://irep.iium.edu.my/67646/ http://irep.iium.edu.my/67646/ http://irep.iium.edu.my/67646/1/67646%20Exploring.pdf |
| Summary: | The purpose of this research is to explore the challenges of current banking
practices in Tajikistan and investigate the prospects of introducing the new Islamic
banking system. In which the Islamic
banking may help in bring back the trust to
the people for dealing with the banking system that will lead to enhance the
economy growth. This study applied the qualitative method by conducting in
depth interviews with the experts comprising seven responden
ts. The result of
respondents showed that there is list of challenges that current banking practices
facing in Tajikistan. This therefore encourage for introducing an Islamic banking
system in Tajikistan. Among the challenges in Conventional Banking system
that
respondents identified are distrust, an interest
-
based (Ribâ) system, and long
processes with complicated systems. This is because the listed challenges by
respondents are crippling the entire banking system, if the authority is not
concerning for ca
tering the existed challenges. Moreover, the findings signify the
challenges of conventional banking practice that the authorities of the country
and practitioners must avoid when Islamic banks are established. In addition, the
practitioners need to focus
on improving the current banking practice to avoid the
challenges identified in the study. |
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