Enhancement of Islamic banking industry in Sri Lanka: a view point

The modern Islamic banking industry has been growing in Sri Lanka since 1997 as an alternative banking system to the conventional one. Despite the fact that there are a number of hurdles with regard to its sustainability, it is growing significantly. However, it is imperative to take necessary steps...

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Main Authors:	Nafees, Seeni Mohamed, Ahmad, Muhamad Hassan, Masum, Ahmad, Md Dahlan, Nuarrual Hilal
Format:	Article
Language:	English
Published:	Serials Publications 2018
Subjects:	K Law (General) KBP Islamic Law KBP1 Islamic law.Shariah.Fiqh
Online Access:	http://irep.iium.edu.my/68398/ http://irep.iium.edu.my/68398/1/SRI%20LANKA%20A%20VIEW%20POINT.pdf

id	iium-68398
recordtype	eprints
spelling	iium-683982018-12-22T19:44:30Z http://irep.iium.edu.my/68398/ Enhancement of Islamic banking industry in Sri Lanka: a view point Nafees, Seeni Mohamed Ahmad, Muhamad Hassan Masum, Ahmad Md Dahlan, Nuarrual Hilal K Law (General) KBP Islamic Law KBP1 Islamic law.Shariah.Fiqh The modern Islamic banking industry has been growing in Sri Lanka since 1997 as an alternative banking system to the conventional one. Despite the fact that there are a number of hurdles with regard to its sustainability, it is growing significantly. However, it is imperative to take necessary steps to enhance the industry by expanding the application of Islamic banking products and introducing an alternative dispute resolution mechanism for Islamic banking disputes in accordance with the Shariah. Therefore, this paper aims at evaluating as to what extent Islamic banking products are currently in practice and which mechanism is being employed to resolve disputes that arise between Islamic banking institutions and clients. As such, this paper adopts a qualitative research method in order to accomplish the objectives of the study. Primary sources and secondary sources are used to complete this research. The authors also conducted semi-structured interviews with various stakeholders. This study finds that there are various issues as well as challenges pertaining to the application of Islamic banking products and the dispute resolution mechanism. This paper is expected to contribute to enhance the application of Islamic banking products in Sri Lanka and countries alike where the Islamic banking industry is evolving gradually. Serials Publications 2018-06 Article PeerReviewed application/pdf en http://irep.iium.edu.my/68398/1/SRI%20LANKA%20A%20VIEW%20POINT.pdf Nafees, Seeni Mohamed and Ahmad, Muhamad Hassan and Masum, Ahmad and Md Dahlan, Nuarrual Hilal (2018) Enhancement of Islamic banking industry in Sri Lanka: a view point. Journal of Islamic Law Review, 14 (1). pp. 131-153. ISSN 0973-2918
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English
topic	K Law (General) KBP Islamic Law KBP1 Islamic law.Shariah.Fiqh
spellingShingle	K Law (General) KBP Islamic Law KBP1 Islamic law.Shariah.Fiqh Nafees, Seeni Mohamed Ahmad, Muhamad Hassan Masum, Ahmad Md Dahlan, Nuarrual Hilal Enhancement of Islamic banking industry in Sri Lanka: a view point
description	The modern Islamic banking industry has been growing in Sri Lanka since 1997 as an alternative banking system to the conventional one. Despite the fact that there are a number of hurdles with regard to its sustainability, it is growing significantly. However, it is imperative to take necessary steps to enhance the industry by expanding the application of Islamic banking products and introducing an alternative dispute resolution mechanism for Islamic banking disputes in accordance with the Shariah. Therefore, this paper aims at evaluating as to what extent Islamic banking products are currently in practice and which mechanism is being employed to resolve disputes that arise between Islamic banking institutions and clients. As such, this paper adopts a qualitative research method in order to accomplish the objectives of the study. Primary sources and secondary sources are used to complete this research. The authors also conducted semi-structured interviews with various stakeholders. This study finds that there are various issues as well as challenges pertaining to the application of Islamic banking products and the dispute resolution mechanism. This paper is expected to contribute to enhance the application of Islamic banking products in Sri Lanka and countries alike where the Islamic banking industry is evolving gradually.
format	Article
author	Nafees, Seeni Mohamed Ahmad, Muhamad Hassan Masum, Ahmad Md Dahlan, Nuarrual Hilal
author_facet	Nafees, Seeni Mohamed Ahmad, Muhamad Hassan Masum, Ahmad Md Dahlan, Nuarrual Hilal
author_sort	Nafees, Seeni Mohamed
title	Enhancement of Islamic banking industry in Sri Lanka: a view point
title_short	Enhancement of Islamic banking industry in Sri Lanka: a view point
title_full	Enhancement of Islamic banking industry in Sri Lanka: a view point
title_fullStr	Enhancement of Islamic banking industry in Sri Lanka: a view point
title_full_unstemmed	Enhancement of Islamic banking industry in Sri Lanka: a view point
title_sort	enhancement of islamic banking industry in sri lanka: a view point
publisher	Serials Publications
publishDate	2018
url	http://irep.iium.edu.my/68398/ http://irep.iium.edu.my/68398/1/SRI%20LANKA%20A%20VIEW%20POINT.pdf
first_indexed	2023-09-18T21:37:04Z
last_indexed	2023-09-18T21:37:04Z
_version_	1777412891761180672

Enhancement of Islamic banking industry in Sri Lanka: a view point

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