Issues & challenges of applying Islamic banking in Zanzibar: a way forward
The operation of Islamic banking in Zanzibar started in 2011 to boost economic activities and meet the demand of its people. However, the introduction of Islamic banking was not followed by any legal amendment to suit the operation of Islamic banking in the country as per Islamic principles. This...
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| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
Penerbit Universiti Sultan Zainal Abidin (UNiSZA)
2020
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| Subjects: | |
| Online Access: | http://irep.iium.edu.my/80993/1/80993_Issues%20%26%20challenges%20of%20applying%20Islamic.pdf http://irep.iium.edu.my/80993/ http://www.irjsmi.com/PDF/IRJSMI-2020-04-06-03.pdf |
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| Summary: | The operation of Islamic banking in Zanzibar started in 2011 to boost economic
activities and meet the demand of its people. However, the introduction of
Islamic banking was not followed by any legal amendment to suit the operation
of Islamic banking in the country as per Islamic principles. This paper,
therefore, examines different laws which governed the Islamic banking in
Zanzibar to find how far they support the operation of Islamic banking. The
findings of this paper revealed that some of the laws in Zanzibar contain
provisions that do not support Islamic banking transactions. The methodology
adopted in this paper is based on the content analysis of legislations, leading
textbooks, and journal articles. The study used a comparative method to
address the study in question. The study recommends amendment of some laws
such as the Contract Decree, 1917 and Transfer of Property Decree, 1917,
Stamp Duty Act 2017, and Value Added Tax Act, 1998 for improving the legal
regime governing Islamic banking transactions in Zanzibar. |
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