Regulating the conversion of conventional banks to Islamic: the 4 Quadrants Conversion (4-QC) framework
This research paper proposes a framework for converting conventional banks to full-fledged Islamic banks as a catalyst for propelling the Islamic finance industry to Islamic Finance 2.0 by addressing the paucity of a regulatory framework for Central Banks to regulate this conversion. To address this...
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Bank Indonesia
2023
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Online Access: | http://irep.iium.edu.my/105918/7/105918_Regulating%20the%20conversion%20of%20conventional%20banks.pdf http://irep.iium.edu.my/105918/ https://jcli-bi.org/index.php/jcli/issue/view/8 https://doi.org/10.21098/jcli.v2i2.158 |
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my.iium.irep.1059182023-08-08T09:11:08Z http://irep.iium.edu.my/105918/ Regulating the conversion of conventional banks to Islamic: the 4 Quadrants Conversion (4-QC) framework Suleiman, Sani Dalhatu Sharofiddin, Ashurov Mustapha, Abubakar HG1501 Banking HG3368 Islamic Banking and Finance This research paper proposes a framework for converting conventional banks to full-fledged Islamic banks as a catalyst for propelling the Islamic finance industry to Islamic Finance 2.0 by addressing the paucity of a regulatory framework for Central Banks to regulate this conversion. To address this, the paper proposes the “4Quadrants Conversion (4-QC) Framework” as a model framework for Central Banks to regulate the conversion process, consisting of twenty four components classified into four quadrants. The proposed conversion involves leaving Shari’ah non-compliant activities and adopting Shari’ah permissible alternatives. This paper adopts a qualitative research method based on content analysis. The research findings suggest that the proposed regulatory framework can facilitate successful conversion, resulting in a dual result of creating new Shari’ah-compliant entities and eliminating non-compliant entities. The proposed regulatory framework can also guide banks to plan, implement, and self-assess their progress to ensure a timely and less cumbersome conversion. Bank Indonesia 2023-07-25 Article PeerReviewed application/pdf en http://irep.iium.edu.my/105918/7/105918_Regulating%20the%20conversion%20of%20conventional%20banks.pdf Suleiman, Sani Dalhatu and Sharofiddin, Ashurov and Mustapha, Abubakar (2023) Regulating the conversion of conventional banks to Islamic: the 4 Quadrants Conversion (4-QC) framework. Journal of Central Banking Law and Institutions, 2 (2). pp. 327-346. ISSN 2827-7775 E-ISSN 2809-9885 https://jcli-bi.org/index.php/jcli/issue/view/8 https://doi.org/10.21098/jcli.v2i2.158 |
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HG1501 Banking HG3368 Islamic Banking and Finance Suleiman, Sani Dalhatu Sharofiddin, Ashurov Mustapha, Abubakar Regulating the conversion of conventional banks to Islamic: the 4 Quadrants Conversion (4-QC) framework |
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This research paper proposes a framework for converting conventional banks to full-fledged Islamic banks as a catalyst for propelling the Islamic finance industry to Islamic Finance 2.0 by addressing the paucity of a regulatory framework for Central Banks to regulate this conversion. To address this, the paper proposes the “4Quadrants Conversion (4-QC) Framework” as a model framework for Central Banks to regulate the conversion process, consisting of twenty four
components classified into four quadrants. The proposed conversion involves leaving Shari’ah non-compliant activities and adopting Shari’ah permissible alternatives. This paper
adopts a qualitative research method based on content analysis. The research findings suggest that the proposed regulatory framework can facilitate successful conversion, resulting in a dual result of creating new Shari’ah-compliant entities and eliminating non-compliant entities.
The proposed regulatory framework can also guide banks to plan, implement, and self-assess their progress to ensure a timely and less cumbersome conversion. |
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Article |
author |
Suleiman, Sani Dalhatu Sharofiddin, Ashurov Mustapha, Abubakar |
author_facet |
Suleiman, Sani Dalhatu Sharofiddin, Ashurov Mustapha, Abubakar |
author_sort |
Suleiman, Sani Dalhatu |
title |
Regulating the conversion of conventional banks to Islamic: the 4 Quadrants Conversion (4-QC) framework |
title_short |
Regulating the conversion of conventional banks to Islamic: the 4 Quadrants Conversion (4-QC) framework |
title_full |
Regulating the conversion of conventional banks to Islamic: the 4 Quadrants Conversion (4-QC) framework |
title_fullStr |
Regulating the conversion of conventional banks to Islamic: the 4 Quadrants Conversion (4-QC) framework |
title_full_unstemmed |
Regulating the conversion of conventional banks to Islamic: the 4 Quadrants Conversion (4-QC) framework |
title_sort |
regulating the conversion of conventional banks to islamic: the 4 quadrants conversion (4-qc) framework |
publisher |
Bank Indonesia |
publishDate |
2023 |
url |
http://irep.iium.edu.my/105918/7/105918_Regulating%20the%20conversion%20of%20conventional%20banks.pdf http://irep.iium.edu.my/105918/ https://jcli-bi.org/index.php/jcli/issue/view/8 https://doi.org/10.21098/jcli.v2i2.158 |
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