Brief Philosophy of Islamic Banks

Badruldeen A. Mohd Ali1, Alisha T. Kumar2, Ahmed A. Raheem1, Ali H. Hasan3, Tim
Sovaniski4
1
International University Liaison Indonesia, Tangerang – Indonesia
2
VIT-AP University, Amaravati – India
3
Al-Nisour University College, Baghdad - Iraq
4
University of Primorska, Koper - Slovenia

Workshop Paper – Autumn, 2019

Abstract:

This paper aims to motivate people to invest in the Islamic banks and improving
Islamic economy in the country, and solve the problems that affect the ordinary financial and
economic system, organizing our financial and economic activities through the Islamic bank.
The researchers conclude many results, the main conclusion of this paper is that the Islamic
economy appeared and developed with the emergence of Islam, and has past many steps to
reach a level that in some countries it’s now a strong and reliable system along with the other
contemporary traditional system. They also recommend using the Islamic banking system in
all countries, especially in the developing countries due to it sustainability.

Keywords:

Islamic Banks, Islamic Economy, Musharaka, Risk Management.

1. Introduction:

The Impact of the basic Islamic values on the economic life has appeared in many parts
of the world as a number of countries are heading to convert their economical system in
consistent with the Islamic principles, despite the fact that this phenomenon can be seen in
varying degrees in most Islamic countries[1]. More important, it appears that this process is
gaining more strength over time[2]. This has resulted in establishing the Islamic economic
system and the widespread interest in it, not only by economists in the countries concerned
directly with this matter, but also in the field of the economic career in general[3].
While we do not find until the mid-seventies but relatively scarce writings on Islamic
economic system, the picture may have changed very abruptly in the eighties[4]. During the
last four or five years, there has been a marked increasing in the number of papers and books,
conferences and seminars about the subject[5]. Although these writings are relatively new,
there is still a considerable lack of understanding of what the Islamic economic is, and how it
differs from other economic systems[6]. The common notion is that the concept of the
Islamic financial structure is free of interest, and that the Islamic economy and banking
system which is free from the interest rate is one thing[7]. It is normal that removing the

Electronic copy available at: https://ssrn.com/abstract=3642384

interest rate from the economic system attracts the most attention, because it is the most
controversial matter concerning the Islamic economic system[8]. Although the removal of
interest is a fundamental aspect of the Islamic economic system, it should be emphasized that
they do not represent in any way a sufficient description of the system as a whole, not even
for Islamic banking operations[9]. In general, the term "Islamic economics" means a
complete system that identifies specific patterns of social and economic behavior of each
individual[10]. It deals with a wide range of issues, such as [11]; property rights, the system
of incentives, the allocation of resources, patterns of economic freedom, economic decision-
making system, and the proper role of government. The top goal of the system is social
justice, and the achievement of specific patterns of distribution of income and wealth[12].
Therefore the economic policies should be developed to achieve these goals.

2. Problem of the Research:

The possibility of developing the system of Islamic economy to be included in large

parts of economy

3. Importance of the Research:

The importance can be shown in the following:

- As the Islamic bank does not have a long history, and it’s a new experience
compared with the ordinary bank, the definition and explanation of it, is very
important for our community.
- The conformation of the Islamic financial system with the ordinary financial
system of the world today.
- Establishing a strong Islamic economy against the problems of the financial and
economical system.

4. Hypotheses of the Research:

This research is helpful for explaining sum points in the Islamic economical and
financial system:
- Defining and introducing Islamic bank system to the community and explaining
the ways of how the Islamic bank’s work.
- Introducing the relationship between Islamic bank and the state’s financial
system and it’s affect on the system.

5. Objectives of the Research:

The aim of this research is to achieve the following elements:

- Motivating people to invest in the Islamic banks and improving Islamic
economy in the country.
- Solving the problems that affect the ordinary financial and economical system,
organizing our financial and economical activities through the Islamic bank.

6. Methods of the Research

Electronic copy available at: https://ssrn.com/abstract=3642384

 The majority of the information is taken from two types sources as the following:
- First - theoretical data: Information that is collected from books, professional
journal’s, and researches and information published on the internet.
- Second - the initial data: The information which is collected through interviews
with the managers and employees, and collected data of annual report for 2017
of Al-Bilad Islamic bank.

7. Literature Review

7.1 Islamic banks

Islamic banking is banking activity that is consistent with the principles of sharia and
its practical application through the development of Islamic economics[13]. A more correct
term for Islamic banking is Sharia compliant finance[14]. Sharia prohibits the fixed or
floating payment or acceptance of specific interest or fees (known as riba, or usury) for loans
of money[15]. Investing in businesses that provide goods or services considered contrary to
Islamic principles is also haraam (sinful and prohibited). Although these principles have been
applied in varying degrees by historical Islamic economies due to lack of Islamic practice,
only in the late of 20th century when a number of Islamic banks formed to apply these
principles to private or semi-private commercial institutions within the Muslim
community[16].
7.2 Management of Islamic Banks
The management of Islamic banks resembles the management of conventional banks in
some aspects related to banking services, but the investment activity in the Islamic Bank
takes a wider aspect in the administrative processes of what is typical in conventional banks,
when lending takes up most of its operations of administrative expenses[17]. Also social
services of the Islamic banks such as good loans and Alzakat money management require a
different management from managing traditional loans and conservative investment in
conventional banks[16].
Although the Administrative management is necessary for all types of human activity,
its importance increases particularly in the Islamic banks. A good administrative management
represents a good term of healthy administrative control. It is necessary to have a way of
organizing the Islamic Bank to provide banking business in order to increase staff efficiency
and reduce costs of providing services and banking to be easy to control. And at the same
time, to achieve customer satisfaction as the administrative management of the Islamic bank
should specify duties and distribute them on the employees in order to determine the
responsibilities and distribution of specializations in a way that works on the integration and
consistency of the Bank works and their activities[18].
7.3 Islamic Bank's Relationship with the Central Bank
The relationship of the Islamic bank with the central bank starts from the beginning of
the foundation of Islamic bank. And that is because the central bank is responsible for giving
approving licenses to the banks and also responsible of banking practices. This relationship
continues throughout the life of the Islamic Bank, because it is part of the banking system
which is one of the financial and monetary institutions in the state[19]. The Central Bank is
the head of the monetary authority in economy and a large part of its job is based on

Electronic copy available at: https://ssrn.com/abstract=3642384

monitoring banks and issuing instructions for it, to ensure the achievement of its monetary
policy. Therefore, the Islamic bank is obliged to deal with the central bank even if the latter
follows the capitalism system and trades in benefits[20].
7.4 Sources of Funds in Islamic Banks
The sources of funds in Islamic banks are a little bit different from source of funds in
commercial banks as the investment in the Islamic banks are not beneficial, but in accordance
with the provisions of Islamic law. And all the transactions that are invested in Islamic banks
are transactions with legitimate features, such as Murabaha, Mudaraba and leasing,
partnership and Istisna'a and good loan - but in conventional banks, investing money with
usury interest and this is the reason for the difference[21].
The sources of funds in Islamic banks are[22]:
- Internal sources: The interior sources include participant rights such as (capital,
reserves, profits and allocations, and funding from shareholders and loan).
- External sources: While external sources include (deposits, current accounts and
saving deposits and savings accounts, investment checks and books of Islamic
savings and deposits of Islamic financial institutions, and shared loan checks or
allocated, and certificates of deposit and investment funds) .
The internal sources of funds in Islamic banks are a small percentage of the total
sources of funds, and the participants' right consists of paid-up capital, reserves and retained
earnings. The allowances are known (as any amount deducted for consumption or deficiency
in the value of assets, decrease in the value of assets such as provision for doubtful
debts)[16]. And there are other resources for Islamic banks such as free-interest loans from
shareholders, and insurance or letter of credit or letters of guarantee[23].
The external sources represent a large proportion of the total sources of funds which
include deposits of different Islamic banks, including demand deposits of the current
accounts, savings accounts, deposits, investment, investment checks and free-interest loans
from Islamic financial institutions[24]. And the current accounts represent a source of profit
in Islamic banks in the case of whether they may be a large proportion of the total deposits
because they are inexpensive deposits.
Investment deposits and investment accounts are funds deposited by their owners with
Islamic banks for the purpose of obtaining revenue, as a result of the Islamic bank
investment, and these funds are subjected to the base of legitimacy, and the investment
deposits are the most important sources of funds in Islamic banks that in some Islamic banks
it reaches up to 30 percent of the total sources of funds. Although the investment checks are a
source of funds for Islamic banks which is a legitimate alternative to investment certificates
and bonds, and the checks may be absolute or restricted, due to the quality of the check[25].
7.5 Principles of Islamic Banking
The principles of Islamic banking are based on Islamic law, known as Sha’riah, which
means[26],[27]:
- Interest (Riba): Interest cannot be paid or received on transactions in any case
where money is exchange for money because the money is not actually any
value accordance to Islam if it is not employed in business.
- Gharar and Maysir: Transactions must avoid uncertainty (Gharar), speculation
(Maysir) or anything that could lead to the unjust enrichment or unfair

Electronic copy available at: https://ssrn.com/abstract=3642384

 exploitation of one of the parties to a contract. In case of speculation the big
investors and industrialists turn the economic financial system toward their own
and personal benefits.
- Unethical businesses: Transaction cannot be made that involve prohibited
products or activities, such as alcohol, illicit drugs and tobacco because Islam
wants to develop an ethical and friendly environment in the society.
7.6 Types of Islamic banks
There are several types of Islamic banks[28], [29]:
- Investment banks: These banks focus on financing medium and long-term
investments in the industrial, agricultural and commercial sectors, or to
contribute to the direct investment, both with their own resources or in the
association with others.
- Development banks: These banks are interested in the areas of long-term
development projects, such as investing in the basic infrastructure of the state.
- Social banks: The work of these banks focuses on financing some of the
consumer or social needs to contribute to the achievement of social solidarity .
- Commercial banks: They mobilize the financial resources from sources of
financial surpluses and employ them in the areas of short-term investment
operations, like Murabaha. Most of the Islamic banks are of this type and the
banks within this community suffer from the problem of difficulty in developing
economic investment plans with the rest of the institutions unless they depend
on the medium or long-term investment.
- International banks: The governments of the countries contribute in such banks
without individuals and companies, where it is an international activity in which
states are trying to push forward the process of development of the member
states.
- The central banks: The function of these banks is to issue securities in the state
and to control credit and the development of the banking profession.
7.7 Islamic bank obstacles and problems
Many obstacles and problems face the Islamic bank, such as[30],[31],[32]:
- The lack of sufficient clarity in the theoretical framework of Islamic banking or
non-completion of this theoretical model.
- The apparent lack of qualitative and quantitative in administrative,
organizational and personal capacities to cope with the nature of the work and
activities of Islamic banks, which require a combination of trusting the idea and
faith of Islam, and the message of the Islamic-based expenses.
- The difficulties and problems that relate to the practice of Islamic banks, which
relate to the inappropriate environment in its nature to the work of Islamic
banks.
- The difficulties and problems related to the control of Central Bank, and other
things related to the conventional banks status which deals with taking benefit
when granting credit and tenders when accepting deposits.

Electronic copy available at: https://ssrn.com/abstract=3642384

 - Difficulties related to the values of procedures in order to ensure the legitimacy
of their dealings. There are so many cases relating to this situation and take
greater cost to complete these transactions.
- The difficulties and problems that hinder most Islamic banks, which hinder the
use of surplus state resources when they are achieved, as well as hindering their
access to resources in case they were scarce (Ahmed , 2002 : 17)

8. Case Study

8.1 Introduction
Al-Bilad Islamic bank for investment and finance was incorporated by the registration
certificate issued by the register of companies No. (9922) dated July 6th 2006, and was
licensed by central bank of Iraq to conduct its activities in the field of Islamic banking via
their letter No. (2389/3/9) dated October 16th 2006. The bank offers all banking financial
activities and organized investment transaction in compliance with the rules and the
principles of the Islamic sharia through its head office and branches at the various locations
in Iraq. In execution of the bank’s commitments under its articles of incorporation & articles
of association to comply with the principles and rules of Islamic sharia and in execution of
the provisions of the banking law. The bank, on decision by the general assembly of the
shareholders, appoints a sharia supervisory board of no less than 3 members and whose
opinion shall be binding by the bank. The board had assume the responsibility of monitoring
the bank’s transactions and activities in terms of their compliance with the sharia principle
and expressing sharia opinion on the form of the required contracts for the operations and the
activities of the bank[33].
8.2 Main Accounting Policies
The principle accounting policies applied in the preparation of these financial
statements are set out below[34], [35], [36], [37]:
- Basis of preparation
The financial statements of the bank were prepared in accordance with the International
Financial Reporting Standards (IFRS) and according to the effective domestic laws and the
instructions of central bank of Iraq.
- Changes in accounting policies
The accounting policies followed in the year ended December 31st 2018 correspond to
those accounting policies that were followed in the previous year.
- Financial assets held for trading
These are financial investments that were possessed or established for gaining profits,
through the short term changing in prices or profit margin. The financial assets held for
trading are recorded in the fair value upon purchases, if any subsequent changes in the fair
value during the year, it will be recorded in the income statement during the same period in
which the change has incurred, including changes of fair value resulting from foreign
currency conversion.
- Joint venture “musharaka”
This is where the bank and the client offer money on equal or unequal terms for
establishing new project or participating into an existing one so that each one of them comes

Electronic copy available at: https://ssrn.com/abstract=3642384

to have a share in the capital on a constant or diminishing basis and payable to their share of
profits.
- Financial assets held to maturity
These are assets “investments” that the bank is able to direct and positively hold until
maturity. Those assets are recognized at cost plus any other direct expenses related to their
possession. In the event of declination leading to impossibility of regaining the asset or any of
its parts by the end of the financial period, it is recorded in the income statement as a
declination loss, and representing these investments by the fair value after the amount of
declination into consideration.
- Return in affiliated companies
Affiliated companies where the bank exercises an active influence on the decision
relating to the financial and operational policies, over which the bank has no control, and in
which the bank owns from (20%-50%) of the voting rights.
- Investment in real estate
It is the possession of real estate, Land or part of it with the aim of gaining periodical
revenue or keeping it for an expected increase in its future value, or for both purpose.
Investment in real estate possessed for its anticipated rising value is recorded in its cost value
plus any other expenses related to their possession.
- Fair value of financial assets
The closing prices (purchasing assets/selling liabilities) as of the date of financial
statement in active markets represent the fair value of the financial instruments that have
market prices. In case there were no listed prices, their fair value would be estimated by
comparing it to the current market value of similar financial instrument.
- Fair value of non-financial assets
The market price as of the financial statement (in case the market for such assets exists)
represents the fair value of the non-financial assets appearing in the fair value. In case no
such market exist, then those assets are valued as of the date of financial statements by taking
the arithmetical average of the evaluation of at last three licensed and approved expertise
houses.
- Depreciation
a) Assets available for investments are consumed in accordance with their
productive life expectancy by the diminishing installment method.
b) Properties and equipment are shown at cost after deducting the accumulated
depreciation and declination in their values. Properties and equipment (except
land) are depreciated by straight line method over the expected life of the assets,
using the statutory % stipulated in the prevailing regulations in that respect.
c) Intangible assets are classified on the basis of estimating their life time for either
on a specified or an unspecified period of time.
8.3 Financial Risk Management
The banking activities does expose the bank itself to a variety of financial risk, which
requires the conducting a proper analysis, evaluation, and acceptance. Management needs to
establish a concrete policy as to the risk involved, or a combination of the various elements
stated before[37]. Taking risk is a core to the financial business, and the operational risks are
an inevitable consequence of being in business. The bank’s aim is therefore to achieve an

Electronic copy available at: https://ssrn.com/abstract=3642384

appropriate balance between risk and return, and minimize potential adverse effect on the
bank’s financial performance[38].
The bank’s risk management policies are designed to identify and analyze these risks,
to set an appropriate risk limits and controls, and to monitor the risks adherence to limits by
means of reliable and up-to-date information systems. The bank regularly reviews its risk
management policies and system to reflect changes in markets, products, and emerging best
practice[39].
8.4 The Organizational Structure for Al-Bilad Islamic Bank

9. Conclusions and Recommendations

9.1 Conclusions
- The Islamic economy appeared and developed with the emergence of Islam, and
has past many steps to reach a level that in some countries it’s now a strong and
reliable system along with the other contemporary traditional system.
- In the 20th century, the Islamic economy developed very well and the Islamic
banks become a strong economical foundation, which has a great impact on the
community to facilitate the economic affairs.

Electronic copy available at: https://ssrn.com/abstract=3642384

 - It’s clear that the foundation and managing Islamic bank, along with the normal
and governmental banks goes through many equal legal procedures, and it’s
monitored and controlled by the central bank.
- Islamic banks funding has many financial sources in accordance with the
Islamic religion and sharia, and practicing the accounting system in the Islamic
banks is not deferent from the normal banks concerning recording the daily
expenses and revenues, and distributing the profit on the owners of the banks.
- There are many types of Islamic banks that each one of these banks are founded
and used for a distinct purpose and work.

9.2 Recommendations
- Islamic financial system must be developed and become powerful as the global
systems so that we can rely on it in managing our financial system.
- Developing Islamic bank system and building an electronic system for
managing the banks, then using this system in the accounting affairs.
- Making the Islamic banks stronger through inquiries in the other banks for the
purpose of indicating the defects and errors to find the solutions in a scientific
way.
- Making the Islamic financial banking system to be well-known through
presenting scientific seminars and illustrating the strong aspects of the Islamic
banking.
- It’s important for our country to use the Islamic financial system as it leads to
development and progress in economy and finance, it also give more ways to
the foreign investors to invest effectively in our country.

Electronic copy available at: https://ssrn.com/abstract=3642384

References:

1. Abdul Rahman, Abdul Rahim (2010). An Introduction to Islamic Accounting: Theory

and Practice, Kuala Lumpur, Malaysia, Cert Publications.
2. Asutay, Mehmet. (2007). Conceptualization of the second best solution in overcoming
the social failure of Islamic banking and finance: Examining the overpowering of the
homoislamicus by homoeconomicus. IIUM Journal of Economics and Management,
15(2), 167-195.
3. Bani Ata, Haider Muhammad Ali (2017). Introduction to Accounting in Islamic Thought.
Amman, Jordan: Dar Shahrazad for Publishing and Distribution.
4. Thabit, Thabit H., and Al-Nasrawi, Hamed A. (2016). The Role of International
Financial Reporting Standards in Reducing the Financial Risks, International Journal of
Latest Engineering Research and Applications, 1(5), 73-82.
5. Caraiani, Chiraţa, Lungu, Camelia Iuliana, Dascălu, Cornelia, Cimpoeru, Maria Violeta
& Dinu, Maria (2012). Social and environmental performance indicators: Dimensions of
integrated reporting and benefits for responsible management and sustainability, African
Journal of Business Management, 6(14), 4990-4997.
6. Thabit, Thabit H. & Mardini, Mazen M. (2015). The Relationship between Commercial
Banks and Microfinance Institutions for Sustainable Development - Case of Iraq, 14th
Scientific Conference, Al-Mansour University College, Baghdad, Iraq.
7. Iqbal, Munawar, & Molyneux, Philip (2005). Thirty years of Islamic banking: History,
performance and prospects. New York: Palgrave Macmillan.
8. Hasan, Zubair (2007). Fifty years of Malaysian economic development: Policies and
achievements, Review of Islamic Economics, 11(2), 101-118.
9. Zaman, M. Raquibuz (2008) Usury (Riba) and the place of bank interest in Islamic
banking and finance, International Journal of Banking and Finance: 6(1), 1-15.
10. Irfan, Harris (2015). Heaven's Bankers. Overlook Press.
11. Davari, Mahmood T. (2005). The Political Thought of Ayatollah Murtaza Mutahhari:
An Iranian Theoretician of the Islamic State (1st Edition), Routledge Ge/Bips, Persian
Studies.
12. Mat, Ismail & Ismail, Yusof (2008). A Review of Fiqh al-Mua'malat Subjects in
Economics and Related Programs at International Islamic University Malaysia and
University of Brunei Darussalam, Proceedings of the 7th International Conference in
Islamic Economics, 327-345.
13. Khan, M.N.& Bhatti, M.I. (2008). Developments in Islamic Banking: The Case of
Pakistan, Basingstoke and New York: Palgrave Macmillan.
14. Kuran, Timur (1986). The Economic System in Contemporary Islamic Thought:
Interpretation and Assessment, International Journal of Middle East Studies, 18(2), 135-
164.
15. Kuran, Timur. (2004). Islam and Mammon: The economic predicaments of Islamism.
Princeton, NJ; Princeton University Press.
16. El-Gamal, Mahmoud A. (2000). A Basic Guide to Contemporary Islamic Banking and
Finance, Available online at: https://www.lariba.com.
17. Thabit, Thabit H., Solaimanzadah, Alan, and Mohammed, Mohammed A. (2019).
Determining the Effectiveness of Internal Controls in Enterprise Risk Management based
on COSO Recommendations, the 2nd International Conference on Accounting, Business,
Economics and Politics, Ishik University, Erbil, Iraq
18. Hassan, M. Kabir, and Lewis, Mervyn K. (2007). Handbook of Islamic Banking,
available online at: http://www.kantakji.com.

Electronic copy available at: https://ssrn.com/abstract=3642384

19. Thabit, Th. H., Ibraheem, L. K., and Majed, A. W. (2019). Proposed Framework for
Auditing Sustainable Development Practices in Iraq, 8th International Scientific
Conference, Baghdad College of Economic Sciences University, Baghdad, Iraq.
20. Hassan, M. Kabir, Kayed, Rasem N., and Oseni, Umar A. (2013). Introduction to Islamic
Banking & Finance, Available online at: http://www.pearsonmiddleeastawe.com.
21. Khan, Muhammad Akram (2013). What Is Wrong with Islamic Economics?: Analysing
the Present State and Future Agenda. Cheltenham, UK: Edward Elgar Publishing.
22. Marifa (2014). Islamic Banking and Finance: Principles and Practices, Marifa Academy.
23. Wilson, Rodney (2012). Legal, Regulatory and Governance Issues in Islamic Finance,
Edinburgh University Press.
24. Thabit, Thabit H., Aldabbagh, Lukman M., and Ibrahim, Laith K. (2019). The Auditing
of Sustainable Development Practices in Developing Countries: Case of Iraq, Revista
AUS, 26(3), 12-19.
25. Ahmad, Ziauddin (2010). Islamic Banking: State of the Art, Available online at:
http://www.isdb.org.
26. Solé, Juan (2007). Introducing Islamic Banks into Conventional Banking Systems,
Available online at: https://www.imf.org.
27. Thabit, Thabit H., and Raewf, Manaf B. (2017) Applications of Fuzzy Logic in Finance
Studies, LAP- Lambert Academic Publisher, Germany.
28. Saleem, Muhammad Yusuf (2010) Methods and Methodologies in Fiqh and Islamic
Economics, Review of Islamic Economics, 14(1), 103–123.
29. Al-Jarhi, Mabid Ali , 2003 , Islamic Banks & Universal Banks : Need For Leveled
Playing Field , the Central Bank Indonesia and the Islamic Research and Training
Institute, Jakarta, Indonesia .
30. Yousef, Tarik M. (2004). The Murabaha Syndrome in Islamic Finance: Laws,
Institutions, and Politics. In Henry, Clement M. & Wilson, Rodney (Eds.), The Politics
of Islamic Finance, Edinburgh, Edinburgh University Press.
31. Julia, T., Kassim, S. & Ali, E. (2018). Are the Green Projects in Line with the Maqasid
Shariah? An Assessment of Green Firms in Bangladesh, e-Proceedings of the Global
Conference on Islamic Economics and Finance, 317-335.
32. Thabit, Thabit H., and Jasim, Yaser A. (2017) Applying IT in Accounting, Environment
and Computer Science Studies, LAP- Lambert Academic Publisher, Germany.
33. http://www.bilad-bank.iq/
34. Hendershott, Robert J., Darrell E. Lee, and James G. Tompkins (2002). Winners and
Losers as Financial Service Providers Converge, Financial Review, 37(1).
35. Thabit, Thabit H., and Solaimanzadah, Alan (2018). The Role of SOX Act in Enhancing
the Internal Control Systems of Kurdistan Banks, International Conference on
Accounting, Business, Economics and Politics, Ishik University, Erbil, Iraq.
36. Thabit, Thabit H., Solaimanzadah, Alan, and Al-abood, Muath T. (2017). The
Effectiveness of COSO Framework to Evaluate Internal Control System: The Case of
Kurdistan Companies. Cihan International Journal of Social Science, 1(1), 44-54.
37. Isik, Ihsan, and M. Kabir Hassan (2002). Cost and Profit Efficiency of the Turkish
Banking Industry, Financial Review, 37(2).
38. Thabit, Th. H., and Ibraheem, L. K. (2019). Implementation of Environmental
Management Accounting for Enhancing the Sustainable Development in Iraqi Oil
Refining Companies, 3rd Scientific Conference of Administration and Economic College,
University of Anbar, Anbar, Iraq.
39. Ahmed, Habib (2002). A Microeconomic Model of an Islamic Bank, Research Paper
No.59, Islamic Research and Training Institute, Jeddah, KSA.

Electronic copy available at: https://ssrn.com/abstract=3642384