Seminar paper from the year 2014 in the subject Business economics -
Banking, Stock Exchanges, Insurance, Accounting, grade: 1,7, University
of Applied Sciences Essen, language: English, abstract: The national
crisis of the American banking system developed to a multinational
crisis of the financial world and finally ended in an international
implosion of the world's economic system. The experts discuss how to
stabilize this system in order to avoid a further collapse and critics
reveal that the current crisis is the proof of failure of our
traditional banking system. As a consequence of the financial crisis in
2007, a higher attendance of discussing alternative banking systems
aroused the interest of this paper. The Islamic banking sector survived
that crisis without having any insolvencies and governmental help as it
could be observed in the western world. In contrast to the western
banking system, the modalities of financial transactions are
characterized among many other features by its connection to real
economy and abdication of interest-bearing or speculative investments.
This term paper will deal with the question wether the "Islamic Banking"
could represent an alternative the predominating system in Germany. One
aspect of this thesis will be if the Islamic system could replace the
German one in the future. Firstly each culture will be analyzed and
afterwards compared on the basis of Hofstede's cultural studies. The
main part will take care of the practical application of the theoretical
elements by a result evaluation and critical analysis of the
above-mentioned thesis. In section four a conclusion will be drawn as
well as an outlook will be given on future development potentialities in
the field of "Islamic Finance".
