Banking for those unwilling to bank: Implications of Islamic banking systems
A significant number of Muslims are unwilling to deposit their savings into the conventional banking sector since it does not operate according to their religious beliefs. In this paper we provide a model that aims to explore growth and welfare implications of an Islamic banking system that operates according to Muslims' religious principles. Our model shows that in an economy populated with a certain number of religiously concerned individuals, the existence of an Islamic banking system can...[Show more]
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