Exploring the challenges of conventional banking practices and prospects of introducing an Islamic banking in Tajikistan: using qualitative approach

Ashurov, Sharofiddin and Idris, Ahmed Fauzi and Abdullah Othman, Anwar Hasan (2018) Exploring the challenges of conventional banking practices and prospects of introducing an Islamic banking in Tajikistan: using qualitative approach. International Journal of Islamic Economics and Finance, 1 (1). pp. 1-24. ISSN 2622-3562 E-ISSN 2622-4372

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Abstract

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.

Item Type:	Article (Journal)
Additional Information:	8755/67646
Uncontrolled Keywords:	Islamic banking, Conventional banking, Qualitative method, Tajikistan
Subjects:	H Social Sciences > HG Finance > HG3368 Islamic Banking and Finance
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button):	Institute of Islamic Banking & Finance (IIiBF)
Depositing User:	Dr Sharofiddin Ashurov
Date Deposited:	27 Nov 2018 14:50
Last Modified:	18 Dec 2018 16:46
URI:	http://irep.iium.edu.my/id/eprint/67646

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