Islamic Banking in Palestine: Reality and Development Mechanisms

Abstract

The present study aims to identify the current reality of Islamic Banking in Palestine, the functioning bodies within its realm and the challenges facing them and the obstacles obstructing their way, given the exceptional state of affairs in Palestine, owing to the existence of the Israeli Occupation and the resulting complications, threatening all areas of life. Hence, the study, at hand, suggests practical mechanisms for the development of Islamic Banking in Palestine enabling it to perform its vital role in keeping people away from prohibited financial transactions, confirming the validity of Islamic Sharia across time and place, demonstrating the vitality of Islamic Fiqh the ability and flexibility thereof in offering practical solutions for contemporary issues facing humanity. The study comprises three sections followed by a conclusion. The first section concerns the concept of Islamic Banking while the second highlights the functioning entities within Islamic Banking in Palestine whereas the third sheds light on the reality of Islamic Banking and the mechanisms for its development. The conclusion offers a set of findings and recommendations. The researcher employs the descriptive, analytical method along with the deductive method.