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E-raamat: Islamic Banking and Finance in Europe: The Case of Germany and United Kingdom: A Theoretical and an Empirical Analysis

  • Formaat: 246 pages
  • Ilmumisaeg: 16-Jun-2021
  • Kirjastus: Peter Lang AG
  • Keel: eng
  • ISBN-13: 9783631733264
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Islamic Banking and Finance in Europe: The Case of Germany and United Kingdom: A Theoretical and an Empirical AnalysisSuurem pilt
  • Formaat: 246 pages
  • Ilmumisaeg: 16-Jun-2021
  • Kirjastus: Peter Lang AG
  • Keel: eng
  • ISBN-13: 9783631733264
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The Islamic financial industry is expanding rapidly into non-Muslim countries including Western Europe. The author analyses what the prospects of success for an Islamic mode of banking and finance in Germany are at the retail level. The quantitative study revealed that two-thirds of respondents were willing to switch to Islamic banking, and that Giro and savings bank accounts and mortgage financing products and services were most desired by the respondents. The qualitative study showed that the success of Islamic Banking and Finance in the United Kingdom is mainly due to the proactive role taken by regulators and London’s role as an international financial center. Germany’s regulatory model is different than that of the United Kingdom in that there are no market entry barriers, and the success of Islamic banking in Germany will largely depend on the operating model of Islamic financial institutions.



The author analyses what the prospects of success for an Islamic mode of banking and finance in Germany are at the retail level. The study reveals that two-thirds of respondents were willing to switch to Islamic banking, Giro and savings bank accounts. Mortgage financing products and services were most desired by the German respondents.

List of Figures xxiii
List of Tables xxv
Chapter 1 Introduction, Background and Rationale of this Study 1(10)
1.1 Introduction
1(3)
1.2 Literature Review and Identification of Research Gap
4(2)
1.3 Problem Statement
6(1)
1.4 Research Qyestions/Objective of the Study
6(1)
1.5 Significance of Research
7(2)
1.6 Research Hypotheses
9(1)
1.7 Expected Results
10(1)
1.8 Concluding Remarks
10(1)
Chapter 2 Fundamentals of Islamic Economics, Banking, and Finance: A Basic Guide 11(38)
2.1 Introduction
11(1)
2.2 Understanding of Islam and Shari'ah
11(2)
2.2.1 Purpose of Shari'ah
12(1)
2.2.2 Sources of Shari'ah/Islamic Law
12(1)
2.3 Definition of Islamic Economics
13(1)
2.3.1 Origin of Islamic Banking, Finance, and Economics
14(1)
2.4 Islamic Banking
14(2)
2.4.1 Importance of Islamic Banking for Muslims
15(1)
2.5 Characteristics and Features of Islamic Economic System
16(5)
2.5.1 The Prohibition of Riba (Interest or Usury)
16(1)
2.5.2 The Prohibition of Gharar
17(1)
2.5.3 The Prohibition of Maysir
18(1)
2.5.4 Profit and Loss Sharing
19(1)
2.5.5 Asset Backed Financing
19(1)
2.5.6 Prohibition of Investment in Haram Products and Industries
20(1)
2.5.7 Ethical Values and Rules
20(1)
2.6 Islamic Financial Instruments, Contracts, and Tools
21(24)
2.6.1 Musharakah (Equity Partnership, Joint Venture)
23(2)
2.6.2 Mudarabah (Investment Partnership)
25(2)
2.6.3 Murabahah (Cost-plus Sale/Mark-up Financing)
27(2)
2.6.4 Bay' Salam (Forward Sale)
29(1)
2.6.5 Ijarah (Leasing)
30(2)
2.6.6 Istisnah (Construction Financing)
32(1)
2.6.7 Tawarruq (Cash Financing/Monetization)
33(12)
2.7 Difference between Islamic Banking System and Conventional Banking System
45(2)
2.8 Concluding Remarks
47(1)
Appendix
Chapter 2
48(1)
Chapter 3 Risk Management and Islamic Wealth Creation and Wealth Management 49(30)
3.1 Introduction
49(1)
3.2 Risk Management in Islamic Finance
49(1)
3.3 Importance of Derivatives in Islamic Finance
50(4)
3.3.1 Slow Growth of Derivatives in Muslim Countries
51(1)
3.3.2 Reasons for the Underdeveloped Derivative Market in Islamic Finance
52(1)
3.3.3 Proposed Features of Shari'ah-Compliant Derivatives Markets
53(1)
3.4 Examples of Shari'ah-Compliant Derivatives in Islamic Finance
54(5)
3.4.1 Bay' Salam as an Alternative to Conventional Forward Contract
54(1)
3.4.2 Use of Options as Derivative Instruments in Islamic Finance
55(1)
3.4.3 Bay' Urban (Down-Payment, Deposit, or Earnest Money)
56(1)
3.4.4 Khiyarat (Option by Stipulation)
57(1)
3.4.5 Mubadalatul Arbaah (Islamic Profit Rate Swap)
57(1)
3.4.6 Way Forward for Islamic Derivatives
58(1)
3.5 Managing Liquidity Risk in Islamic Financial Institutions
59(2)
3.5.1 Importance of Effective Liquidity Management for Islamic Banks
59(1)
3.5.2 Causes of Liquidity Risk
60(1)
3.5.3 Liquidity Management in Practice for Islamic Financial Institutions
61(1)
3.6 Role of Supporting Institutions in Overcoming Liquidity Management Challenges
61(4)
3.6.1 The International Islamic Liquidity Management Corporation
61(2)
3.6.2 The Islamic Financial Services Board
63(1)
3.6.3 Liquidity Management Center in Bahrain
64(1)
3.6.4 International Islamic Financial Markets
64(1)
3.7 Liquidity Management Tools and Instruments
65(4)
3.7.1 Commodity Murabahah
66(1)
3.7.2 Interbank Deposits on Wakalah Basis
67(1)
3.7.3 Short-term Ijarah Sukuk as a Money Market Instrument
68(1)
3.7.4 Islamic Repo
68(1)
3.7.5 Way Forward for Liquidity Management
69(1)
3.8 Implications of Basel III for Islamic Banking
69(5)
3.8.1 Challenges Posed by Basel III to Islamic Banks
70(2)
3.8.2 Opportunities for Islamic Banks
72(1)
3.8.3 Response of Supporting Islamic Institutions and Corporate Governance
73(1)
3.8.4 Basel III and Islamic Finance Industry: Way Forward
74(1)
3.9 Wealth Creation and Management in Islam
74(2)
3.9.1 Size of Global Islamic Wealth Management Industry
75(1)
3.10 Concluding Remarks
76(3)
Chapter 4 Global Emergence of Islamic Finance in Western Europe: a Case Study of the United Kingdom 79(20)
4.1 Introduction
79(1)
4.2 Brief Overview of Global Islamic Banking and Finance Industry
79(2)
4.2.1 Market Size of Global Islamic Finance Industry
80(1)
4.3 Evolution of Islamic Finance in Europe
81(1)
4.4 Islamic Banking and Finance and the United Kingdom
82(2)
4.5 Size of Islamic Finance Market in the UK
84(3)
4.5.1 Islamic Banking
85(2)
4.5.2 Sukuk
87(1)
4.5.3 Islamic Funds
87(1)
4.6 Driving Factors behind the Development and Growth of Islamic Finance in the UK
87(4)
4.7 Comparative Analysis of the UK and German Regulatory and Supervisory Model
91(6)
4.7.1 Regulatory Phases in the UK
91(1)
4.7.2 Islamic Finance Taxation Changes in the UK
92(2)
4.7.3 Regulatory and Supervisory Developments in the UK
94(2)
4.7.4 Regulatory and Supervisory Developments in Germany
96(1)
4.8 Islamic Banking Problems and Challenges in the UK Market
97(1)
4.9 Concluding Remarks
97(2)
Chapter 5 Overview of the German Financial System and Islamic Banking in Germany 99(14)
5.1 Introduction
99(1)
5.2 Muslim Population in Germany
99(1)
5.3 Government Initiatives
100(1)
5.4 Evolution of Islamic Finance in Germany
100(2)
5.5 The Role of BaFin Regarding Islamic Finance in Germany
102(1)
5.6 Overview of the German Financial Environment and Banking Supervision Mechanism
102(4)
5.6.1 Foreign Banks from Muslim Countries Operating in Germany
103(1)
5.6.2 German Banking System
103(1)
5.6.3 Licensing of Islamic Financial Institutes According to the German and European Banking Law
104(2)
5.7 Market Players in Islamic Banking in Germany
106(3)
5.7.1 KT Bank AG (Kuveyt Turk)
106(1)
5.7.2 Landesbank Berlin AG
107(1)
5.7.3 Deutsche Bank AG
107(1)
5.7.4 Commerzbank AG
108(1)
5.7.5 Targo Bank AG & Co. KGaA
109(1)
5.8 Other Islamic Banking and Finance Initiatives in Germany
109(1)
5.9 Why Low Demand of Islamic Banking and Finance Products?
110(1)
5.10 Concluding Remarks
111(2)
Chapter 6 Review of Existing Literature 113(12)
6.1 Introduction
113(1)
6.2 Studies about Immigrants and their Banking Behavior
113(2)
6.3 Studies about Islamic Finance in Germany
115(7)
6.3.1 Muslim Consumers Behavior toward Islamic Banking and Finance Products
116(3)
6.3.2 Quantification of the Potential of Islamic Banking and Finance
119(2)
6.3.3 Muslim Consumers Behavior toward Islamic Insurance Products
121(1)
6.4 Discussion about Existing Studies and our Proposed Study
122(2)
6.5 Concluding Remarks
124(1)
Chapter 7 Theoretical Framework and Research Methodology 125(12)
7.1 Introduction
125(1)
7.2 Research Methodology
125(1)
7.3 Methods Used in this Research
125(1)
7.3.1 Quantitative Approach
126(1)
7.3.2 Qualitative Approach
126(1)
7.4 Theoretical Framework: Theory of Planned Behavior
126(2)
7.5 Proposed Conceptual Framework for this Study
128(1)
7.6 Methods of Data Collection
129(2)
7.6.1 Population and Sampling
129(1)
7.6.2 Sample Size for Retail Banking Survey
129(1)
7.6.3 Pilot Study
130(1)
7.6.4 Sample Size for Muslim Umbrella Organizations Survey
130(1)
7.6.5 Sample Size for Semi-Structured Interviews
130(1)
7.7 Questionnaire Design
131(2)
7.7.1 Translation of the Questionnaires
131(1)
7.7.2 Validity and Reliability of the Instrument
132(1)
7.7.3 Advantages and Disadvantages of Questionnaire Method
132(1)
7.7.4 Advantages and Disadvantages of Semi-Structured Interviews
132(1)
7.7.5 Research Ethics
133(1)
7.8 Practical Steps of Conducting the Field Survey
133(1)
7.9 Data Analysis Methodology
134(2)
7.9.1 Analysis of Quantitative Data
134(1)
7.9.2 Analysis of Semi-Structured Interviews
134(2)
7.10 Concluding Remarks
136(1)
Chapter 8 Empirical Analysis of the Qualitative Data 137(14)
8.1 Introduction
137(1)
8.2 Profiling of the Interviewees
137(2)
8.3 Key Reasons of Islamic Banking Success in the United Kingdom
139(1)
8.4 Important Drivers for the Development of Islamic Banking in Europe
140(1)
8.5 Role and Influence of Religion and Countries of Origin on Islamic Banking
141(1)
8.6 Retail and Wholesale Islamic Banking Potential in Germany
142(1)
8.7 Appropriate Islamic Banking Models for the German Market
143(1)
8.8 The UK as a Role Model of Islamic Finance for other European Countries
144(1)
8.9 Challenges for Islamic Banking in Europe
145(1)
8.10 Legal and Product Development Challenges
145(1)
8.11 European Regulatory Frameworks and Space for Islamic Law
145(1)
8.12 Regulators Approach toward Islamic Banking in Germany
146(1)
8.13 Legal and Regulatory Requirements
146(1)
8.14 Political Support to Islamic Banking in Germany
146(1)
8.15 BaFin Policy regarding Issuing Banking License in Germany
147(1)
8.16 BaFin Policy toward Islamic Banking in Germany
147(1)
8.17 Islamic Banking via European Union Passport in Germany
147(1)
8.18 Future of Islamic Banking in Europe
148(1)
8.19 Success Prospects of KT Bank AG in Germany
148(1)
8.20 Concluding Remarks
149(2)
Chapter 9 Empirical Analysis of the Quantitative Data 151(38)
9.1 Introduction
151(1)
9.2 Section 1: Analysis of the Retail Banking Survey
151(13)
9.2.1 Part 1: The Main Characteristics of the Respondents
152(2)
9.2.2 Part 2: General Banking and Finance Information
154(1)
9.2.3 Part 3: Perceptions of Consumers About Islamic Banking
155(1)
9.2.4 Knowledge About Islamic Banking and Finance
155(1)
9.2.5 Religious Characteristics of the Muslims
156(1)
9.2.6 Awareness Level About Islamic Banking and Finance
157(1)
9.2.7 Awareness and Prohibition of Riba
158(1)
9.2.8 Availability of Islamic Banks in Neighborhood
159(1)
9.2.9 Investment in Shari'ah-compliant Products
160(1)
9.2.10 Mortgage from non-Islamic Western Banks
161(1)
9.2.11 Willingness to Use Products and Services of Islamic Banks Despite Higher Costs
162(2)
9.3 Part 4: Consumer Willingness to Switch to Islamic Banking
164(3)
9.3.1 Willingness to Switch Toward Islamic Banking
165(1)
9.3.2 Motivations to Do Islamic Banking
165(2)
9.3.3 Reasons for Not Doing Islamic Banking
167(1)
9.4 Part 5: Relevance of Islamic Products
167(2)
9.5 Part 6: Inferential Statistical Analysis of the Retail Banking Survey
169(5)
9.5.1 Determination of Correlation Among Different Variables
169(1)
9.5.2 Willingness to do Islamic Banking and Religious Characteristics of the Respondents
170(1)
9.5.3 Gender and Level of Awareness of the Respondents
170(1)
9.5.4 Gender and Perceptions of Making Investments in Shari'ah- compliant Products
170(1)
9.5.5 Gender and Perceptions of Avoiding Mortgage Loans from Non-Islamic Banks
171(1)
9.5.6 Gender and Perceptions of the Respondents to Pay Higher Prices to Obtain Services of Islamic banks
171(1)
9.5.7 Awareness of Islamic Banking and Educational Backgrounds
172(1)
9.5.8 Nationality and Level of Awareness of Islamic Banking
172(1)
9.5.9 Nationality of Respondents and Demand for Islamic Products and Services
172(2)
9.6 Section 2: Descriptive Statistical Analysis of the Survey of Muslim Umbrella Organizations
174(3)
9.6.1 Awareness About the Existence of the Islamic Financial System
175(1)
9.6.2 Usage and Recommendation of Interest-free Products to the Members
175(1)
9.6.3 Desired Products and Services by the Muslim Organizations
175(1)
9.6.4 Reasons for Not Doing Islamic Banking
175(1)
9.6.5 Demand of Islamic Banking Products Among Muslims
176(1)
9.6.6 Benefits of Islamic Banking Products for the Muslim Community
176(1)
9.6.7 Religious Characteristics of Members of Muslim Organizations
176(1)
9.7 Section Three: Hypothesis Testing
177(9)
9.8 Concluding Remarks
186(3)
Chapter 10 Discussion and Conclusion 189(10)
10.1 Introduction
189(1)
10.2 Summary of Main Findings
189(3)
10.3 Potential Impact of Muslim Refugees and Asylum Seekers on Islamic Banking
192(1)
10.4 Study Recommendations
192(2)
10.5 Research Contributions
194(1)
10.6 Research Limitations
195(1)
10.7 Areas for Further Research
195(1)
10.8 Future Outlook
196(1)
10.9 Concluding Remarks
197(2)
References 199(20)
Appendix 219
Muhammad Ashfaq is CEO of the Amanah Institute of Islamic Finance and Economics. He has contributed to the further development of the Islamic financial industry through his cutting-edge research and global initiatives for human capital development and organizational capacity building.
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