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The Development of Islamic Banking in the Persian Gulf Countries

Student: Gribchenkov Vsevolod

Supervisor: Ilya Arkhipov

Faculty: Faculty of World Economy and International Affairs

Educational Programme: Asian Studies (Bachelor)

Final Grade: 9

Year of Graduation: 2017

Context: Islamic banking is one of the spheres in economic systems of the Middle East countries to which governments pay special attention. Being quite young institutions, Islamic banks have gained a great market share in most countries of the Persian Gulf. Research gap: However, the process of development of Islamic banking differs a lot depending on the country, as it has gained more than a 50% share of Saudi Arabia’s overall banking market and has not reached a 10% barrier in Oman, and no study has completed an analysis of the whole development process of Islamic banking in the countries of the region. Purpose: The study aims at analyzing the Persian Gulf countries’ strategies of developing Islamic banking in the second half of the 20th century and up to nowadays, with examining the whole system of Islamic financial system. Method: Comparative analysis will be the main methodological technique. The study will analyze the collected data, including Islamic banking reports and outlooks, several statistical bulletins and surveys, and then provide a collation of present Islamic banking system and its development throughout the years. Keywords: Islamic banking, conventional bank, participation bank, the Persian Gulf, Saudi Arabia, the UAE, Kuwait, Qatar, Oman, Bahrain.

Full text (added April 27, 2017)

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