Khalid Mehmood, Karine Oganisjana, Natalja Lace

Proceedings of the 15th International Multi-Conference on Complexity, Informatics and Cybernetics: IMCIC 2024, pp. 200-207 (2024); https://doi.org/10.54808/IMCIC2024.01.200

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. (2024). How to Overcome the Challenges Faced to Enhance the Efficiency of Islamic Banking in the Asian Region. In N. Callaos, S. Hashimoto, N. Lace, B. Sánchez, M. Savoie (Eds.), Proceedings of the 15th International Multi-Conference on Complexity, Informatics and Cybernetics: IMCIC 2024, pp. 200-207. International Institute of Informatics and Cybernetics. https://doi.org/10.54808/IMCIC2024.01.200

Islamic banking (IB) has emerged as an essential part of the global banking network. Despite the rapid rise of Asian Islamic banking, previous research has largely focused on Islamic banks in specific countries. This study aims to fill the gap in the literature by proposing ways to solve the issues faced by Islamic banks in the Asian region. In this study, the methodology employed was qualitative content analysis. Researchers collected qualitative data from scientific literature written by Muslim and non-Muslim authors. This approach systematically analyses textual content, integrating qualitative and quantitative aspects. The paper covered various potential solutions for the betterment of Islamic banks, introducing innovative products, standardizing Sharia governance, modernizing financial policies and marketing strategies, and developing a strong alliance with Conventional banks (CB) and other organizations, which will enhance the effectiveness and growth of Islamic banks. In addition to these solutions, the study acknowledges that other solutions also develop the establishment and expansion of Islamic banking in the region. Identifying and onboarding these solutions will help stakeholders and policymakers in Islamic banking implement effective strategies and policies to address today’s most pressing challenges and prepare for and prevent the challenges of tomorrow.