Islamic cooperative: an alternative to commercial Islamic banking

The current Islamic banking model which is based on the concept of commercial banking has been criticised as too rigid and not conducive towards achieving the objectives of an Islamic economy. This paper aims to evaluate the suitability of the cooperative model as an alternative to the commercia...

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Main Authors:	Gonsalves, Richard Gerald, Kassim, Salina
Format:	Article
Language:	English English
Published:	IIUM 2015
Subjects:	H Social Sciences (General) HF Commerce HG Finance
Online Access:	http://irep.iium.edu.my/46105/ http://irep.iium.edu.my/46105/ http://irep.iium.edu.my/46105/1/46105_Islamic_cooperative.pdf http://irep.iium.edu.my/46105/3/46105_Islamic_cooperative-_an_alternative_to_commercial_Islamic_banking_WOS.pdf

id	iium-46105
recordtype	eprints
spelling	iium-461052016-07-19T00:32:50Z http://irep.iium.edu.my/46105/ Islamic cooperative: an alternative to commercial Islamic banking Gonsalves, Richard Gerald Kassim, Salina H Social Sciences (General) HF Commerce HG Finance The current Islamic banking model which is based on the concept of commercial banking has been criticised as too rigid and not conducive towards achieving the objectives of an Islamic economy. This paper aims to evaluate the suitability of the cooperative model as an alternative to the commercial banking model and to discern whether the values of cooperative would be more compatible to the ideals of Islam. We find that cooperative shares many of the social and economic values as are found in the teachings of Islam. When the essence of Islamic finance principles such as free from interest, transparency, and application of profit and loss sharing is combined with the values and principles of the cooperative model, what is created is an efficient, fast growing organisation with the potential to greatly benefit its members as well as the society in general. IIUM 2015 Article PeerReviewed application/pdf en http://irep.iium.edu.my/46105/1/46105_Islamic_cooperative.pdf application/pdf en http://irep.iium.edu.my/46105/3/46105_Islamic_cooperative-_an_alternative_to_commercial_Islamic_banking_WOS.pdf Gonsalves, Richard Gerald and Kassim, Salina (2015) Islamic cooperative: an alternative to commercial Islamic banking. Al-Shajarah: Journal of the International Institute of Islamic Thought and Civilization (ISTAC) (SpeciaI Issue). pp. 273-292. ISSN 1394-6870 http://journals.iium.edu.my/shajarah/index.php/shaj
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English English
topic	H Social Sciences (General) HF Commerce HG Finance
spellingShingle	H Social Sciences (General) HF Commerce HG Finance Gonsalves, Richard Gerald Kassim, Salina Islamic cooperative: an alternative to commercial Islamic banking
description	The current Islamic banking model which is based on the concept of commercial banking has been criticised as too rigid and not conducive towards achieving the objectives of an Islamic economy. This paper aims to evaluate the suitability of the cooperative model as an alternative to the commercial banking model and to discern whether the values of cooperative would be more compatible to the ideals of Islam. We find that cooperative shares many of the social and economic values as are found in the teachings of Islam. When the essence of Islamic finance principles such as free from interest, transparency, and application of profit and loss sharing is combined with the values and principles of the cooperative model, what is created is an efficient, fast growing organisation with the potential to greatly benefit its members as well as the society in general.
format	Article
author	Gonsalves, Richard Gerald Kassim, Salina
author_facet	Gonsalves, Richard Gerald Kassim, Salina
author_sort	Gonsalves, Richard Gerald
title	Islamic cooperative: an alternative to commercial Islamic banking
title_short	Islamic cooperative: an alternative to commercial Islamic banking
title_full	Islamic cooperative: an alternative to commercial Islamic banking
title_fullStr	Islamic cooperative: an alternative to commercial Islamic banking
title_full_unstemmed	Islamic cooperative: an alternative to commercial Islamic banking
title_sort	islamic cooperative: an alternative to commercial islamic banking
publisher	IIUM
publishDate	2015
url	http://irep.iium.edu.my/46105/ http://irep.iium.edu.my/46105/ http://irep.iium.edu.my/46105/1/46105_Islamic_cooperative.pdf http://irep.iium.edu.my/46105/3/46105_Islamic_cooperative-_an_alternative_to_commercial_Islamic_banking_WOS.pdf
first_indexed	2023-09-18T21:05:38Z
last_indexed	2023-09-18T21:05:38Z
_version_	1777410913737900032

Islamic cooperative: an alternative to commercial Islamic banking

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