Complete Thesis Thesis Title Benchmarking Of Financial-Books Pdf

COMPLETE THESIS Thesis Title Benchmarking of Financial
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ACKNOWLEDGEMENTS, Firstly we are grateful to Swedish government and BTH for providing this wonderful. opportunity MBA degree to improve our academic qualifications at no cost. Special thanks to our supervisor Fredrik J rgensen who has been very supportive. throughout the thesis semester Your guidance and attention enabled to improve. the quality of thesis, Last but not least we would like to thank our Programme Director Dr Marie Aurell. whose so many efforts were so little appreciated,ACKNOWLEDGEMENTS 2. 1 Introduction 6,1 1 Background 6,1 2 Problem discussion 7. 1 3 Problem formulation and purpose 7,1 4 De limitations 8.
1 5 Thesis structure 9,2 Theory 10, 2 1 Comparison between Islamic and conventional banking 10. 2 2 Shariah compliance in Islamic banking 12, 2 3 Shariah compliance structure by SBP in Pakistan 13. 2 3 1 Shariah board 13,2 3 2 Responsibilities of Shariah advisor 14. 2 3 3 Essentials of Islamic modes of financing 14, 2 3 4 Model agreements of Islamic modes of financing 14. 2 3 5 Shariah compliance Inspection of Islamic banks 14. 2 3 6 Meetings of Shariah advisors 14,2 3 7 Conflict resolution 14.
2 4 Financial products of KFH DIB NBK and SCB 15,2 5 Ethics of business 16. 2 5 1 Ethics of banking 16,2 5 2 Ethics of Islamic finance 16. 2 5 3 Islamic banking does not deal in money 17,2 6 Risks involved in Islamic banking 17. 2 7 Standards for verifying Shariah compliance 18, 2 7 1 SBP Shariah guideline and model agreements for Islamic modes of finance 18. 2 7 2 Introduction to Islamic finance Mufti Taqi Usmani 19. 2 7 3 Guide to Islamic banking Dr Mufti Imran Ashraf Usmani 20. 2 8 Financial assessment of Islamic and conventional banking products 21. 3 Method 22,3 1 Secondary data 22,3 2 Primary data 22.
3 3 Qualitative or quantitative research 23,3 4 Research methodology 23. 3 5 Research paradigm 24,4 Analysis 25,4 1 Empirical Findings 26. 4 2 Critical Analysis of Mudaraba based saving accounts 28. 4 2 1 Predetermined ratio of profit 29,4 2 2 Mudarib fee 30. 4 2 3 Mudarib share rate variation in the favor of depositor 31. 4 2 4 Findings 32, 4 3 Critical Analysis of Murabaha as an underlying mode 32. 4 3 1 Rules of Murabaha sale 33,4 3 2 Factors invalidating Murabaha sale 34.
4 3 3 Rules of credit Murabaha 35,4 3 4 Critical analysis of credit Murabaha 36. 4 3 5 Murabaha for cash 38,4 3 6 Findings 39, 4 4 Diminishing Musharaka as an underlying mode 40. 4 4 1 Critical analysis of home financing under diminishing Musharaka 41. 4 4 2 Promise to sell and buy 41,4 4 3 Buying shares in first year 41. 4 4 4 Findings 41,4 5 Ijara as an underlying mode 42. 4 5 1 Mechanism of Ijara 42,4 5 2 Valid conditions for Ijara 42.
4 5 3 Agency agreement 44,4 5 4 Critical analysis of Ijara contract 44. 4 5 5 Findings 47, 4 6 Comparison of Islamic banks products against conventional banks products 48. 4 6 1 Analysis findings of credit cards of KFH and NBK 48. 4 6 2 Analysis findings of house financing of DIB and SCB 51. 4 6 3 Analysis findings of car financing of DIB and SCB 54. 5 Conclusions and Implications 57,REFERENCES 60,WEBSITE REFERENCES 61. APPENDIX A GLOSSARY 62,APPENDIX B AN OVERVIEW OF ISLAMIC BANKING 63. 1 Interest Riba definition 63, 2 Explanation of Riba and its types in Islamic Shariah 64.
3 Modes of Islamic finance 65,APPENDIX C SURVEY QUESTIONS 70. APPENDIX D INDEPTH INTERVIEW QUESTIONS 77,INTRODUCTION. 1 Introduction, Islamic banking is no doubt a growing industry in Pakistan and many Islamic countries 10. State bank of Pakistan s Islamic banking department is progressing with a vision to make. Islamic banking the banking of first choice for the users and providers of financial. services and with a mission statement to promote and regulate Islamic banking industry. in line with best international practices ensuring Shariah compliance and transparency. In Pakistan the growth in Islamic banking industry has resulted from the highly positive. response of private sector to policies for promotion of Islamic banking and finance. introduced after 2001 by the State Bank of Pakistan Collectively these factors have. contributed to evolution of new and innovative products by Islamic Financial Industry in. tandem with a strong and Shariah Compliant regulatory framework According to an. estimate total Shariah compliant assets worldwide have grown to about US 700 billion. with annual growth exceeding 10 0 percent during the past decade and are projected. to grow to US 1 6 trillion by 2012 Other important factors are that Islamic banking is. not only serving the native people but also it is attracting clients from major world. economics like USA Japan China France Hong Kong Islamic banking bulletin SBP. publication 2010,1 1 Background, State bank of Pakistan SBP has a dedicated Islamic banking department IBD that. regulates the Islamic banking sector in Pakistan It has a Shariah board consisting of. eminent scholars that takes necessary steps to ensure Shariah compliance for Islamic. banks State bank of Pakistan has published guidelines for Islamic banks by publishing. Instructions and guidelines for Shariah compliance in Islamic banking institutions This. structure put forward by SBP for ensuring Shariah compliance in Islamic banking. institutions has the following salient features29,x Shariah Board at SBP.
x Shariah Advisor,x Essentials of Islamic modes of financing. x Model Agreements of Islamic Modes of Financing,x Shariah Compliance Inspection. x Meetings of Shariah Advisors,x Conflict resolution in Shariah rulings. 1 2 Problem discussion, It is general perception of public1 27 that financial solutions and products offered by. Islamic banks are similar to conventional banks and therefore both contains the element. of interest when product prices are considered As the system is in the evolving stage so. there are many factors which hinders its acceptability amongst the general public as. people are confused about the Shariah law of Islam compliance of its products. Moreover Islamic banks might be offering financial solutions which might not be having. as attractive returns as conventional banks So if all the principles of Islamic laws are not. followed customers may be at disadvantage and suffer loss due to some constraints in. the contract, There is immense competition in banking sector globally and specifically in Pakistan in.
recent years31 The growth of Islamic banking has created competition not only among. Islamic banks but with conventional banks as well So from customer s perspective we. need to know which banking solution is more economical and flexible So as explained in. next chapter that there are rules and regulations for each bank we will critically analyze. and compare solutions of Islamic banks against conventional banks. 1 3 Problem formulation and purpose, There are two objectives of this study The first objective of our thesis is to perform. critical analysis of financial solutions products offered by the Islamic banks this thesis. scope limited to two specific Islamic banks mentioned later in the document and. provide benchmarking and compliance report against the Islamic principles and. standards of finance found in theory i e are they Shariah compliance Shariah is an. Arabic word meaning sacred law of Islam Islam provides explicit guidelines for its. followers in all areas of life and financial system is no exception Our aim is not to. criticize or promote the Islamic financial system or conventional financial system in this. thesis Our objective is that given the standards of Islamic financial systems are the. Islamic banks compliance with those principles Firstly we need to present brief. introduction to Islamic financial principles and how it differs from conventional financial. system Then we need to identify the standard principles of Islamic banking which will. be used to compare and analyze the products offered by Islamic banks Our scope for. standards has been restricted to three authorities in this field which are 1 Essentials. and Model agreements for Islamic contracts by State Bank of Pakistan 30 2. Introduction to Islamic Finance by Mufti Mohammad Taqi Usmani 36 and 3 Guide to. Islamic Banking by Dr Mufti Imran Ashraf Usmani 34 35 In all these standards the. genuine and lawful structure of Islamic models of finance have been explained i e these. standards highlight and emphasize the terms and conditions of ideal Islamic financial. model The solutions implemented by Islamic banks will be analyzed critically against. these standards and suggestions for improvement will be presented There are two. Islamic banks which will be considered for this study which are 1 Kuwait Finance. House Kuwait and 2 Dubai Islamic Bank Pakistan The rational for selecting these. banks is that they are pioneer in this field and are easily accessible to authors living in. respective countries These banks are currently offering wide variety of Islamic financial. products which they claim to be Islamic, The second objective is to compare specific products offered by Islamic banks with. corresponding products of conventional banks competitors working in same country. and thus regulated by same government body Then we will present critical analysis of. both products in terms of monetary value and conditions imposed by each bank We. have chosen National Bank of Kuwait NBK and Standard Chartered Bank Pakistan SCB. as conventional banks Thus products of KFH will be analyzed against respective. products of NBK and products of DIB will be analyzed against respective product of SCB. 1 4 De limitations, As it is generally10 a wide spread fact that the Islamic banking system is in evolving stage. and accordingly we do not find much work done specifically relevant to our purpose of. study Lack of availability of literature work related to this field is observed which. normally lays the solid foundations of the report building Further we can t indulge in. debates and discussions of different Islamic jurists subject to the sensitivity of the. matter and keeping in view the level of our own understanding of the subject and. Islamic jurisprudence, Another major limitation was that the bank management did not provide us with their. confidential documents and procedures like model agreements and profit sharing. mechanism that were very important for us in order to get clear picture of the financial. products the bank is offering Therefore our analysis was mainly based on the interviews. that we conducted with the product development managers and the Shariah advisory. committee of the banks under study As our report was a research project and for a. research an extensive pertinent data is required to come up with the refined analysis. and for that we required to have an access to the official data of the bank present in. documented form specially the agreements comprising the terms and conditions of the. products and the contracts being undertaken between the bank and the customers but. unfortunately we faced huge data constraints as the bank did not provide us any such. kind of data to maintain the confidentiality except the guidance and information. regarding the products and terms and conditions of the agreements and the contracts in. the form of in depth interviews with the Shariah advisor Shariah co coordinator and the. manager product development So the whole data extracted regarding the product. information in this way is assumed to be true and based on that we tried to build and. present our analysis,1 5 Thesis structure, In the next section we will explain the basics of Islamic banking and its differences to.
conventional banking different types of interests in Islamic literature and modes of. Islamic banking In section 3 we will explain required primary and secondary sources of. data in order to execute our research In section 4 we explain how data will be. analyzed In section 5 the findings and recommendations are presented Appendix A. and B contains basic knowledge and information about Islamic banking required for this. thesis Appendix C contains brief questions as per Likert scale and appendix D contains. detailed interview questions appendix D will be optional to answer. In this section we will state the background study from literature necessary to. formulate the problem Please refer to appendix B for more information and details of. Islamic banking as some basic knowledge of Finance traditional and Islamic banking is. 2 1 Comparison between Islamic and conventional banking. Comparison7 between the Islamic and Conventional financial system depicts the. following main differences between the two, Table 1 Comparison of Conventional and Islamic Banking. Conventional Banking Islamic Banking, 1 Money is priced based on the concept 1 Money is not a commodity good or. of time value of money in addition to the service It has no price of its own and it. level of risk inherent in a given cannot be used in financing or borrowing. transaction for a price which is interest, 2 Transactions are based on financial 2 Transactions are based on real assets. 3 Depositors from whom funds are 3 Partnership or profit and loss sharing. borrowed are assured of a predetermined arrangement between the Islamic bank and. rate of interest and treated as a liability of the investment account holders . Introduction to Islamic Finance by Mufti Mohammad Taqi Usmani36 and 3 Guide to Islamic Banking by Dr Mufti Imran Ashraf Usmani34 35 In all these standards the genuine and lawful structure of Islamic models of finance have been explained i e these

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