Sample Essay

The factors that serve as a catalyst for the critics to deem that Islamic banking is complicated and lacks flexibility is the response of the Gulf Cooperation Council (GCC) towards the adaptation of the Islamic principles of financing and banking.

The dissection of the economic systems of the various Muslim countries presents a clear picture of the distance between the conventional and the Islamic banking in those countries. Islamic perspective emphasizes on the maintenance of balance and eradication unnecessary wealth accumulation. The compulsion of Zakat and the prohibition from Riba are two principles that guide the Muslims through this objective of sustaining the momentum of balance in the economy (Alkassim, 2005). But yet the prevailing and increasing distance among the application of the Islamic principles is a far cry for even the Muslim countries. This significant contradiction signifies the complexity of the Islamic banking and new product development (Kavoossi, 2000).

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