Banking development implies many changes and transformations, which concern not only the activities of financial institutions, but also creating new models of financial transactions. One such model is the Islamic Financial Management System. For the last 30 years, it has been actively developed. Current trends in the development of financial markets and the banking system involve many factors that contribute to the volatility of the economic system both at the level of the global economy and within the national borders. The Islamic financial services industry has repeatedly reflected the more stable dynamics of its development and the presence of a more sustained response to negative and crisis effects of external factors of the global economic turbulence. Accordingly, the relevance of the study on the development and efficiency of the Islamic finance industry is increasing. This purpose of this study is to identify and systematize the main approaches to compare the performance of the two financial models. The study revealed that the Islamic bank differs from traditional banking institutions in both the specifics of individual states and the architecture of national banking systems, and similar identical characteristics that indicate an insignificant difference in the effectiveness and sustainability of the two models.
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29 November 2021
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Cultural development, technological development, socio-political transformations, globalization
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Tavbulatova, Z. K., & Tashtamirov, M. R. (2021). Features Of Islamic And Traditional Banking In Dual Banking Systems. In D. K. Bataev, S. A. Gapurov, A. D. Osmaev, V. K. Akaev, L. M. Idigova, M. R. Ovhadov, A. R. Salgiriev, & M. M. Betilmerzaeva (Eds.), Social and Cultural Transformations in The Context of Modern Globalism, vol 117. European Proceedings of Social and Behavioural Sciences (pp. 1518-1524). European Publisher. https://doi.org/10.15405/epsbs.2021.11.200