REVIEW OF ROLE OF THE MANAGEMENT

Review of Role of the Management towards the Development of Islamic Financial Institution

[Name of the institute]Review of Role of the Management towards the Development of Islamic Financial Institution

Introduction

The world in which we live today is full of different people. These different people belong to different parts of the world, different culture and different religion. These differences that occur among people make them to do their work and perform their tasks in different ways. As a result of these changes there exists a notable difference in the way people do their work. It is this reason because of which the business practices also differ. There are different ways in which one can conduct the operation of the business. One such difference in the business sector occurs in the financial institutions where some operates on conventional basis then there are some who operate the functions of banking according to the religious ways. With this regard the Islamic banking is very common. Islamic banking is a type of banking system in which all the functions of banking is conducted according to the ways that are suggested by Islam. Islamic banking system is a system that is gaining popularity day by day. It is not only the availability of orders of Islam that is making it possible to adopt the Islamic way of conducting the operation of banking but the management and leadership also plays a significant role in the development of an Islamic financial institutes. The aim and objective of this research paper is to examine the role of managers towards the development of an Islamic finiancial institute.

Background

There are different religions and culture in this world. People who belong to different cultures and different religion show the reflection of their culture and religious beliefs in different tasks that they do. Similarly, Islam is a religion that provides rules, regulations, norms and a particular way to do each and every task to its believers. After the event of September the eleventh interest of people in Islam has increased to a greater extent. Researchers and generally people all over the world are conducting studies and are eager to know variegated aspects of Islam and life of a Muslim. With regard to this research one of the most focused areas besides politics and extremism is its ways of financial dealings. This takes us to talk about banking and financial institutions and its dealings in Islam. Islam provides riles and guidelines for conducting business and dealing with one another financially. These rules and regulations allow Muslims to conduct their banking operations according to their religion which gives rise to the concept of Islamic banking. Its not like that people began to take interest in Islamic banking only after the event of 9/11 but, even before that this concept was gaining the attention of financial personnel, chiefs and managers all over the world for its different way to operate the business. In order to know more and from a different perspective ...