October 1, 2019
Islamic banks faced real obstacles and challenges in the internal and external
fields after becoming an important player in the global economy, especially after
the global financial crisis and the consequent effects on the world’s economies.
The research presented a new model for the development of Islamic banks
based on five dimensions linked directly with these obstacles facing Islamic
banking. These obstacles divided to internal such as: Traditional in Islamic
banking, lack of innovative products, legal obstacles , weak qualified human
resources and external constraints such as the absence of specialized financial
markets for Islamic banks, in addition to other problems such as globalization,
mergers , requirements of modern technology and lack of cooperation between
Islamic banks. The most prominent results of the study is : there is a significant
effect between supportive factors of the model to overcome the obstacles.
The study recommended the adoption of the five-dimensional development
model through Highlighting Islamic banking , legislation, Enlightenment,
Development and Liberalization in order to enable Islamic banks to enhance
their presence at both local and international levels through fair competition
and ensuring sustainable development in all sectors of work. In addition, it
recommended the importance of establishing Research & Development, encouraging scientific research and innovation of new products.
Keywords: Five-dimensional development model, Traditional in Islamic
banking, legal obstacles, Financial Markets, Globalization, Mergers.