Islamic banking system study Essay Example | Topics and Well Written Essays - 3000 words

Muslim banking system study - Essay ExampleBritain is a country with an important position in the global market in accordance with a recent report based on the data available on the British economy the British economy is considered to be the the seventh largest economy in the world, with a per capita GDP of $30,900 in 2005 (Forex Market resources, 2010). The development of the British economy is monitored by the countrys government but likewise by the Bank of England which was founded in 1694, nationalized in 1946, and gained independence in 1997 the Bank of England is the central bank of the U.K. (Forex Market resources, 2010). The banking market in Britain has a decisive subroutine in the development of the countrys economy a phenomenon common in all countries internationally. Recently, in 2004, the countrys existing banking system which disregard be characterized as Western has been alternated the main feature of this change has been the establishment in Britain of the Is lamic Bank of Britain, the first bank of this type established in a Western country the change of the characteristics of the British banking market was completed with the introduction of another bank that is based on the Sharia law, the European Islamic Investment Bank.Current paper focuses on the examination of the key features of Islamic banking business in Britain the countrys banking market has been examined and the major competitors of this market atomic number 18 presented at the next level, the key operational characteristics and the per plantance of Islamic banks in Britain are identified and critically analyzed. Islamic banking is reviewing and evaluated as a common form of banking in roomrn Britain taking into consideration the fact that Islamic banking products are available also by British banks referring to those banks based on the Western mode of banking. It is concluded that Islamic banking in Britain has many chances to achieve a further growth but it is necessar y that measures are taken