Economics
Sharia Banking and Saudi Financial Management Vs Western Banking Case Study

Question Description

Help me study for my Economics class. I’m stuck and don’t understand.

Compare and contrast Sharia banking and Saudi financial management practices with Western banking and financial management practices. What difficulties might a Saudi company encounter as it does business in countries that do not follow Sharia banking and financial management practices?

Your well-written paper should meet the following requirements:

  • Be 4-5 pages in length, which does not include the title page, abstract, or required reference page, which are never a part of the content minimum requirements.
  • Use APA style guidelines.

Student has agreed that all tutoring, explanations, and answers provided by the tutor will be used to help in the learning process and in accordance with Studypool's honor code & terms of service.

Final Answer

Attached.

Running head: FINANCIAL MANAGEMENT AND ACCOUNTING

Sharia Banking and Saudi Financial Management Vs. Western Banking
Student Name:
Professor Name:
Course Name:
Date of Submission:

1

SHARIA BANKING VS WESTERN BANKING
2
Introduction
The paper addresses the similarities and differences between Islamic banking and the
western country's banking system. The past few decades have seen tremendous growth in Islamic
banking not only in Islamic states but also in western countries. Saudi Arabia is among the major
Islamic countries whose financial management system follows the sharia/ Quran laws. Islamic
banking has seen tremendous development in the 20th and 21st centuries. Western banking also
regarded as conventional banking dominates European countries and is based on economic
conditions that control significant financial transactions. The major similarities and differences are
based on the banking paradigm, which entails financial transactions. The connection between
Islamic banking and the Islam religion provides major differences between the two banking
systems.
Similarities between Islamic banking and western banking
Both banking system exhibits the primary purpose of bank operations which has developed
over the years. a financial transaction in the ancient years used to be the exchange of goods and
services using precious metals such as gold, silver, and bronze (HASSAN, 2001). The storage of
the precious metal acted as the banking system which provided merchants with gold and silver for
trade. Today, both the banking system serves the same purpose of lending money to investors and
individuals for trade and investments. Although there is a clear cut on the aspects of the religion
which influence the Sharia banking system, they both offer facilities that enable c...

Msharon (11549)
UCLA

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