Khalid Mehmood, Karine Oganisjana, Natalja Lace

Proceedings of the 26th World Multi-Conference on Systemics, Cybernetics and Informatics: WMSCI 2022, Vol. I, pp. 109-114 (2022); https://doi.org/10.54808/WMSCI2022.01.109

Khalid Mehmood
Faculty of Engineering Economics and Management, Riga Technical University, Riga, Latvia

Karine Oganisjana
Faculty of Engineering Economics and Management, Riga Technical University, Riga, Latvia

Natalja Lace
Faculty of Engineering Economics and Management, Riga Technical University, Riga, Latvia

Cite this paper as:
Mehmood, K., Oganisjana, K., Lace, N. (2022). Islamic Banking characteristic elements and Products. In N. Callaos, N. Lace, B. Sánchez, M. Savoie (Eds.), Proceedings of the 26th World Multi-Conference on Systemics, Cybernetics and Informatics: WMSCI 2022, Vol. I, pp. 109-114. International Institute of Informatics and Cybernetics. https://doi.org/10.54808/WMSCI2022.01.109

This study analyses the characteristic elements and products of Islamic Banking (IB). The research method used in this study is qualitative content analysis. Qualitative data were gathered from scientific literature representing works by authors from both Muslim and non-Muslims countries. It was determined that the most significant characteristic elements of IB are interest-free banking system, profit and loss sharing (PLS) in all business transactions and being based on Shariah law, which could improve the intention of individuals and companies to purchase and make an investment in IB products and services. There are also some other characteristic elements, which have complementary nature that makes a more complete picture of IB. These characteristic elements are reflected in the products and services of IB.