Finance Essay Example | Topics and Well Written Essays - 1250 words

Finance - Essay Example Then it will be followed by a literature review of 5000 words to extend the direction of my topic either in theoretical, methodical, or analytical manner pertaining to the promotion of Islamic banking. I am going to write 5000 words in the research stage for primary and a secondary research of published studies and reports. The data collection will be followed by an analysis and discussion for 2500 words in which I am going to establish an understanding of the data and say what it means. The final stage of the plan is the concluding chapter (1000 words) in which I am going to answer all raised questions and draw all the details together into a whole. The last is the 500 words recommendation based on my analysis that includes the steps that should be done, needed resources, and feasibility of the proposal. Action Plan: 1. The principles of Islamic banking can be fully promoted among Muslims and non-Muslims by investing heavily on academic discipline, and research and development (R&D) . The Islamic Foundation in UK had established the Markfield Institute of Higher Education (MIHE) just like the Islamic Financial Services Programs (IFSPS) in Australia, and Islamic Finance Professional Certificate (IFPC) in Malaysia. 2. Encourage different countries to capitalise Islamic banking and finance by giving seminars, workshops, trainings, etc. to their people. In fact, international orientation and conferences has been positively accepted in all parts of the world such as Europe, U.S., Africa, and Asia. â€Å"The main aim of these programmes is to provide a central platform and communication channel for researchers, academicians, business leaders, and financial industry practitioners to meet and discuss critical issues and ideas relating to Islamic banking and finance† (Ahsan, n.d., p. 118). Banks That Will Be Going to Research: Banks that can be considered for research are those that offered Islamic financial services in Saudi such as Al Rajihi Banking & Investmen t Corp, Islamic Development Bank, and Saudi British Bank, and in UK such as the Islamic Bank of Britain, HSBC Amanah Bank, and Lloyd TSB. To prove that promoting Islamic banking in the banking sector is worthy then comparing these banks with some of the conventional banks in Saudi Arabia like The National Commercial Bank (NCB), Saudi American Bank and Saudi Investment Bank, and major UK-based banks like Standard Chartered, Barclays, and Royal Bank of Scotland Group are helpful. Islamic banks are growing rapidly at a rate of 10-15 percent annually (FSA, 2006). Procedure: As education elevates financial literacy on Islamic banking and conventional banks, the plan needs considerable amount of capital for financial institutions might think twice of this trial and error means because of the ongoing recession. Profit is also uncertain brought by the reality that Islamic banks have incurred lucrative losses when they entered the real economy as they are more prone to risk. The challenges f or conventional and Islamic banks are the same as both of them are expected to implement new ways of improving their financial performance at a higher rate. However, they differ in principles considering that Islamic banks operate in accordance with Shariah which is to promote profit-and-loss in line with the