f collaboration with Islamic capital. connection with this purpose of this course work is to analyse the activity of Islamic banking system. for achievement stated goal the following tasks were formulated:
. To examine the history of the formation of Islamic banks;
. To examine the mechanisms of the functioning of banks;
. To investigate the development of Islamic banking system in the world;
. To study the classification of Islamic banks at present, the structure of interest-free banks, Islamic Development Bank and their role in the world economy;
. To note the prospects for the development of Islamic banks in the world, the particularly in the Republic of Kazakhstanobjectives of the course work is to give an overview of the nature and characteristics of Islamic banking as a concept and how it is implemented by the new generation of institutions called Islamic banks. review of basic points of the Islamic banking system and economy and the essential foundations of Islamic banking and its financial analysis will be introduced in the course paper. Furthermore the effect of Islamic banking on economy and economic life, future challenges for Islamic banking and finance in the last chapter of course work will be underlined. informational and methodological base for the study were the laws and legal documents regulating the activities of Islamic banks, financial and credit institutions of the world, the various statistical sources, data from the National Bank, Ministry of Finance, publications and monographs of foreign journalists, scientists of economy and finance on topics under study, information from the Internet.
Chapter I. Historical development of Islamic banks
seems that the history of interest-free banking could be divided into two parts. First, when it still remained an idea; second, when it became a reality - by private initiative in some countries and by law in others. We will discuss the two periods separately. The last decade has seen a marked decline in the establishment of new Islamic banks and the established banks seem to have failed to live up to the expectations. The literature of the period begins with evaluations and ends with attempts at finding ways and means of correcting and overcoming the problems encountered by the existing banks.free banking seems to be of very recent origin. The earliest references to the reorganization of banking on the basis of profit sharing rather than interest are found in Anwar Qureshi (1946), Naiem Siddiqi (1948) and Mahmud Ahmad (1952) in the late 1940-es, followed by a more elaborate exposition by Mawdudi in 1950. Muhammad Hamidullah s 1944, 1955, 1957 and 1962 writings too should be included in this category. They have all recognized the ...
