A Road Less Travelled: Is India Ready for Islamic Banking?

Author(s):  
Arushi Dikshit ◽  
Gayatri Pradhan

Islamic Banking is an emerging model of banking which is currently practiced in several countries, such as Malaysia, Indonesia, Afghanistan, Bangladesh, and the United Kingdom. Its most intriguing aspect is that this banking system works on a purely no interest basis. Given the fact that India is a country with one of the largest Muslim population in the world, we believe it is important to understand the awareness, acceptability, and feasibility of introducing this system of banking in India. This paper primarily aims at discussing the legal viability of introducing such a system in India, given the laws present in the country, as well as gathering information on how forthcoming the population will be towards this banking system. For this purpose, a sample of the population was chosen from Pune and New Delhi, and surveyed with the help of a simple questionnaire, leading to the inference that most people are open to the concept of interest-free banking but are hesitant in accepting the Islamic ideology behind it.

2016 ◽  
Vol 4 (2) ◽  
pp. 1-18
Author(s):  
Dikshit Arushi

Islamic banking is an emerging model of banking which is currently practiced in several countries such as Malaysia, Indonesia, Afghanistan, Bangladesh and United Kingdom. The most intriguing aspect of Islamic banking is that it works on a purely no interest basis. Given the fact that India is a country with one of the largest Muslim populations in the world, the researchers believe it is important to understand the public awareness, acceptability and feasibility of introducing this system of banking in India. This paper primarily aims at discussing the legal viability of introducing Islamic banking in India, taking into account the current legal regime. In analyzing how forthcoming the population will be towards this banking system, a sample of the population was chosen from Pune and New Delhi and surveyed with the help of a questionnaire, leading to the inference that most people are open to the concept of interest free banking but are unwilling to accept the Islamic ideology it is derived from.


2018 ◽  
Author(s):  
anton priyo nugroho

Indonesia is a country with the largest Muslim population in the world. However, since the Islamic banks were being established in Indonesia for about 20 years, their market share only accounts for about 5% in the Indonesian banking system. Muslim participations in using Islamic bank are relatively low. This study expands the Theory of Planned Behavior by adding the variables of religiosity and self-efficacy. Previous studies have not examined this new expanded model to analyze customers who participated in using the saving Islamic bank’s products and services. Based on 220 Islamic bank consumers who participated in the study, the study indicated that questionnaires about religiosity and self-efficacy had good external validity and could be adapted for the Indonesian culture context. The most interesting finding was that the religiosity variable strongly enhanced the use of Islamic banks. Similarly, this study found that the self-efficacy variable improved an intention of customers to participate in the Islamic banking system. This paper also discusses the implications of the findings and recommendations for future studies.


Pravovedenie ◽  
2020 ◽  
Vol 64 (3) ◽  
pp. 326-351
Author(s):  
Anna N. Kuznetsova ◽  
◽  
Inese Tenberga ◽  

Conventional banks, which operate under the conditions of interest capitalism, no longer dominate the financial sector. In the 21st century, Islamic banks, which provide services on an interest-free basis, have become their main competitors. In recent years, Islamic banking has grown rapidly even though 30–40 years ago it was only a regional phenomenon that could be found in countries with a predominantly Muslim population. The dispersal of capital by scaling a separate interest-free banking segment is now on the agenda of the Islamic world. It is stimulating the growing social demand for a fair distribution of resources within the community, as well as sustaining, at the same time, resilient economic development. However, the activity of Islamic banks remains a poorly studied and understood phenomenon within the circles of Russian legal science. In this article, the authors reveal the legal nature of the participation transaction involving shirkat al’-inan, while attempting to clarify the notion of using musharakah as a form of civil law, derived from shirkat al’-inan, within the Islamic banking system.


2017 ◽  
Vol 12 (3) ◽  
pp. 35-47 ◽  
Author(s):  
Anton Priyo Nugroho ◽  
Anas Hidayat ◽  
Hadri Kusuma

Indonesia is a country with the largest Muslim population in the world. However, since the Islamic banks were being established in Indonesia for about 20 years, their market share only accounts for about 5% in the Indonesian banking system. Muslim participations in using Islamic bank are relatively low. This study expands the Theory of Planned Behavior by adding the variables of religiosity and self-efficacy. Previous studies have not examined this new expanded model to analyze customers who participated in using the saving Islamic bank’s products and services. Based on 220 Islamic bank consumers who participated in the study, the study indicated that questionnaires about religiosity and self-efficacy had good external validity and could be adapted for the Indonesian culture context. The most interesting finding was that the religiosity variable strongly enhanced the use of Islamic banks. Similarly, this study found that the self-efficacy variable improved an intention of customers to participate in the Islamic banking system. This paper also discusses the implications of the findings and recommendations for future studies.


Author(s):  
Mykola Trofymenko

Public diplomacy of Great Britain is one of the most developed in the EU and in the world. The United Kingdom has developed an extremely efficient public diplomacy mechanism which includes BBC World Service (which due to its popularity boosts the reputation and the image of Great Britain), Chevening Scholarships (provides outstanding foreign students with opportunity to study in Great Britain and thus establishes long-lasting relations with public opinion leaders and foreign countries elite) and the British Council, which deals with international diplomatic ties in the field of culture. The British Council is a unique organization. Being technically independent, it actively and efficiently works on consolidating Great Britain’s interests in the world and contributes to the development of public diplomacy in Great Britain.   The author studies the efforts of the British Council as a unique public diplomacy tool of the United Kingdom. Special attention is paid to the role of British Council, which is independent of the governing board and at the same time finds itself under the influence of the latter due to the peculiarities of the appointment of Board’s officials, financing etc. The author concludes that the British Council is a unique organization established in 1934, which is a non-departmental state body, charitable organization and public corporation, technically independent of the government. The British Council, thanks to its commercial activities covers the lack of public funding caused by the policy of economy conducted by the government. It has good practices in this field worth paying attention by other countries. It is also worth mentioning that the increment in profit was getting higher last year, however the issue of increasing the influence of the government on the activities of British Council is still disputable. Although the Foreign Minister officially reports to the parliament on the activities of the British Council, approves the appointment of the leaders of organizations, the British Council preserves its independence of the government, which makes it more popular abroad, and makes positive influence on the world image of Great Britain. The efficiency of the British Council efforts on fulfillment of targets of the United Kingdom public diplomacy is unquestionable, no matter how it calls its activities: whether it is a cultural relations establishment or a cultural diplomacy implementation. Keywords: The British Council, public diplomacy, cultural diplomacy, cultural relations, Foreign Office, Her Majesty’s Government, official assistance for development


Author(s):  
G J Lyons

This paper considers the technologies that have enabled offshore hydrocarbons production to reach the existing limits, and what may be required realistically to extend these limits further at the beginning of the new millennium. Advances are considered which relate to many parts of the world. Each has its own particular challenges. The viewpoint presented here is, however, from the United Kingdom.


Author(s):  
ALEXANDER FOUIRNAIES

In more than half of the democratic countries in the world, candidates face legal constraints on how much money they can spend on their electoral campaigns, yet we know little about the consequences of these restrictions. I study how spending limits affect UK House of Commons elections. I contribute new data on the more than 70,000 candidates who ran for a parliamentary seat from 1885 to 2019, and I document how much money each candidate spent, how they allocated their resources across different spending categories, and the spending limit they faced. To identify the effect on elections, I exploit variation in spending caps induced by reforms of the spending-limit formula that affected some but not all constituencies. The results indicate that when the level of permitted spending is increased, the cost of electoral campaigns increases, which is primarily driven by expenses related to advertisement and mainly to the disadvantage of Labour candidates; the pool of candidates shrinks and elections become less competitive; and the financial and electoral advantages enjoyed by incumbents are amplified.


2020 ◽  
Vol 28 (2) ◽  
Author(s):  
Zlatina Dimitrova ◽  
◽  
◽  

The theoretical research focuses on the educational experience for the formation of media literacy among school-age children in different countries around the world. The article presents various options for the formation of media literacy, based on three educational models. According to the first model, media education is represented in the form of a compulsory subject in schools, which is studied by students in different grades. According to the second educational model, media habits are acquired within the interdisciplinary (integrated) approach – the use of the media in traditional school subjects, including native and foreign languages, literature, social sciences. The third model offers practical and informal integration of media education as a supplement and replacement of specific subjects or the intersection between them. The article examines in detail the media training opportunities offered in Canada, the United Kingdom, Finland and Spain, as their experience in media education is applied in a number of other countries around the world. Special attention is paid to the first steps in the introduction of media literacy training among students in Bulgaria, which is carried out only in the last 5-6 years.


2017 ◽  
Vol 4 (1) ◽  
pp. 44-63 ◽  
Author(s):  
Sarah Kabir ◽  
R.L. Stirrat

Although expatriate remittances are a major topic of study in the world of development, relatively little research has taken place on the motives and meanings of international remittances. This article examines Sri Lankan expatriates in the United Kingdom. It focuses on charitable and philanthropic activities and argues that these can only be understood within the context of the personal histories of the donors.


Author(s):  
Wilson Santamaria ◽  
Martin Bluck

At IPC 2010 PII Pipeline Solutions (PII) presented the paper “VALIDATION OF LATEST GENERATION MFL IN-LINE INSPECTION TECHNOLOGY LEADS TO IMPROVED DETECTION AND SIZING SPECIFICATION FOR PINHOLES, PITTING, AXIAL GROOVING AND AXIAL SLOTTING”1, IPC 2010-31124. The suggestion was that this improvement would allow operators to make more informed pipeline integrity decisions in future. In the 4 years since this paper was presented many hundreds of runs have been completed with this latest generation MFL ILI technology, capturing information on tens of thousands of kilometers of pipe, and generating a significant volume of dig verification data. In collaboration with Oil & Gas pipeline operators around the world this growing dig verification database has been utilized to improve software models, algorithms, & analysis processes to validate and further enhance system detection, sizing, & reporting capabilities. This paper focuses on the recent collaboration between ExxonMobil and PII, to investigate system capabilities with respect to “Pinholes”, to address a known threat to a specific pipeline in the United Kingdom. This paper will describe the: • Evolution of the “Pinhole” specification that captured the interest of ExxonMobil. • Use of Finite Element models to predict entitlement for characterization of “Pinhole” type defects • Detail of and results from the ExxonMobil sponsored test program that was conducted in early 2013 • The in-line inspection, analysis report, and dig verification that followed for the pipeline in question. This joint paper, prepared and presented in collaboration by ExxonMobil & PII, will reflect the perspective and synergy of the Pipeline Owner/Operator and the ILI Vendor.


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