How "helal" can an Islamic Bank be? The Islamic Finance in Germany and Turkey (PDF)

Wissenschaftlicher Aufsatz aus dem Jahr 2014 im Fachbereich VWL - Finanzwissenschaft, ( Mendel-Universität Brünn ), Sprache: Deutsch, Abstract: In a world of global finance, the cash flows are linked. So this applies also to the emerging Islamic financial institutions. Due to this background, I would like to dedicate myself to the important principle of Islamic finance, especially in Germany and Turkey.

The Islamic finance is an alternative to conventional finance. The Islamic finance is open to the whole humanity. By theirs sparing and careful action the Islamic finance could claim his market interest and need in the global economy since its founding¿s in the 1970¿s.

The world population exists to approximately 23% of Muslims. By Not-serving this population group by conventional bank houses and there special needs, further rising of Islamic finance houses becomes likely.

The economies in Islamic finance only allowed to trade and work with "halal" money. This means that the money from trade with forbidden substances is not "Helal". As practical examples mostly alcohol, pork etc. are listed.

But what is the concrete meaning of "Helal"? "Helal" means to be in line with ALLAH and his Kuran and to avoid "Haram" ways. The Islamic regulations gives corridors for which is economically spoken the frame for doing business. These "Helal"-frames are delivering corridors not only for economy, it is also valid for the Law regulation, society and government for a region, a nation,
a continent and a global union?
For the better understanding and the implementing in my working of "Islamic Finance" it is crucial to use only my knowledge of Islam and deflecting it on my economic research.
The first critic; understands the pure regulations of "Helal" chained out of the Kuran, because understanding of this times descents and transforming on our current time and case is a highly responsible, complex topic.
The second critic; there is no complete "Helal" system implemented for all areas of Life. If we look on the field of Law, we found the most developed area so far, but in my personal view, we have even here negative movements, mostly titled with the term "shariah", which are leading humans on "Haram" ways.

I want to analyze the question of "helal" to pursue operational and real field experiences within finance world.