Islamic banking system study Essay Example | Topics and Well Written Essays - 3000 words

Islamic financial framework study - Essay Example England is a nation with a significant situation in the worldwide market; as per an ongoing report †in light of the information accessible on the British economy †the British economy is viewed as the ‘the seventh biggest economy on the planet, with a for each capita GDP of $30,900 in 2005’ (Forex Market assets, 2010). The advancement of the British economy is checked by the country’s government yet in addition by the Bank of England which ‘was established in 1694, nationalized in 1946, and picked up freedom in 1997; the Bank of England is the national bank of the U.K.’ (Forex Market assets, 2010). The financial market in Britain has a definitive job in the advancement of the country’s economy †a wonder normal in all nations universally. As of late, in 2004, the country’s existing financial framework †which can be described as Western †has been substituted; the principle highlight of this change has been the found ation in Britain of the Islamic Bank of Britain, the primary bank of this sort built up in a Western nation; the difference in the attributes of the British financial market was finished with the presentation of another bank that depends on the Sharia law, the European Islamic Investment Bank. Current paper centers around the assessment of the key highlights of Islamic financial business in Britain; the country’s banking market has been inspected and the significant contenders of this market are introduced; at the following level, the key operational attributes and the exhibition of Islamic banks in Britain are distinguished and fundamentally dissected. Islamic banking is auditing and assessed as a typical type of banking in present day Britain †mulling over the way that Islamic financial items are accessible likewise by British banks †alluding to those banks dependent on the Western method of banking. It is presumed that Islamic banking in Britain has numerous odds to accomplish a further development however it is essential that measures are taken