Benchmarking of Financial Solutions Offered by Islamic Banks

Abstract: There has been significant growth in Islamic banking sector over the last two decades and this market has become very competitive in many Islamic countries. Islamic banking products are regulated by law of Islam and regulatory authority in that particular country. Our main objective is that given the standards of Islamic financial systems, are the Islamic banks compliance with those principles. Some specific banks will be selected and so shall be the scope of standards. The solutions implemented by Islamic banks will be analyzed critically against these standards and suggestions for improvement will be presented. The secondary 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.