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NGOs' Active Roles in the Process of Using Mudaraba as Financing Model in Interest-free Banking

International Journal of Islamic Economics and Finance Studies

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Title NGOs' Active Roles in the Process of Using Mudaraba as Financing Model in Interest-free Banking
 
Creator KUMAŞ, M. Salih
ABDULLAYEV, Elman
 
Description Today, it is commonly accepted fact that conventional banking fails in the fair distribution of economic wealth and in the provision of sustainable economic development. It seems almost impossible for Islamic Banking to be a strong alternative to interest-based banking with its current practice.  That is the reason why the alternative financing methods of Islamic Finance should be improved. In this context, the major obstacle for Islamic Banking to be an alternative to conventional counterpart is that it confines itself to murâbaha financing. Although the Mudaraba financing model suits better to the spirit of Islamic Banking and its historic advancement, it is observed that it is nearly not practiced or cannot be practiced. The reason behind this and major problem of Mudaraba model is having lack of enough entrepreneurs and not being able to raise them. In this sense, we believe that NGOs like MUSIAD and ASKON can contribute for the enhancement of the Islamic Banking as we have witnessed that many NGOs had considerable contributions by taking important roles in the past. This process which sort of means the integration of NGOs and Islamic Banking can be carried out in three stages.
 
Publisher www.pesar.org
 
Contributor —
 
Date 2016-04-15
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
—
 
Format application/pdf
 
Identifier http://ijisef.org/index.php/IJISEF/article/view/87
 
Source International Journal of Islamic Economics and Finance Studies; Vol 2, No 1 (2016): March/Mart 2016
Uluslararası İslam Ekonomisi ve Finansı Araştırmaları Dergisi; Vol 2, No 1 (2016): March/Mart 2016
2149-8407
2149-8393
 
Language eng
 
Relation http://ijisef.org/index.php/IJISEF/article/view/87/36
 
Rights Copyright (c) 2016 International Journal of Islamic Economics and Finance Studies