المصارف والمؤسسات المالية الإسلامية في دول مجلس التعاون الخليجي: الواقع والتحديات

Islamic Banks and Financial Institutions in the Gulf Cooperation Council Countries: Reality and Challenges

The last quarter of the twentieth century witnessed the birth of Islamic banks and financial institutions, which emerged into practice in response to the desire of a large segment of Muslims who had great embarrassment in dealing with traditional banks. This intellectual movement accompanied the emergence of Islamic banks and financial institutions, to embody the thought of Islamic economics in The field of application, so calls and questions emerged about the legitimacy of dealing with commercial banks based on the interest rate mechanism as a tool for pricing the current and future value of money.

The views of researchers about the concept of the Islamic bank have varied. In a scientific study that included the opinions of (27) scholars from the early theorists of the Islamic banking experience, as well as a number of practitioners and those interested in it, the study ended with a consensus of all opinions on the necessity of the commitment of the financial institution bearing the name of the Islamic bank to apply the provisions of Sharia. The Islamic economic system is part of the comprehensive Islamic approach to all aspects of the religious, social, and economic life of worship, transactions, and morals in an indivisible whole.

Therefore, Islamic banks came to form new economic vessels formulated in accordance with the principles of Islamic Sharia, to play the role of financial intermediation, whether by attracting and developing deposits or by investing money through Islamic financing and investment formulas.