Abstract
Islamic banking is criticized worldwide on a variety of grounds. But despite criticism, Islamic banking co-exists with conventional
banking and contemporary research is fertile in this area. It has become imperative to buttress driving criticisms on Islamic banking,
therefore aim of this study is to identify different types of criticisms and impose hierarchy on them to pinpoint key criticism. In depth
literature review, interpretive structural modeling (ISM) and cross-impact matrix multiplication applied to classification (MICMAC)
are employed as methods of investigation and analyses. Nine different types of criticisms have been identified from literature review
cum discussion with experts and their contextual relationships have been established by using ISM. Results showed that criticisms
namely ‘dependence on supply of Sharia’h scholars’ and dependence on interest are the most critical and driving. Criticism on
piecemeal approach is independent and others are ambivalent. The study provides valuable insights of complex interactive relations
of criticisms to regulators, academia, bankers, Sharia’h scholars, customers and society at large.
Abdul Aziz Khan Niazi, Tehmina Fiaz Qazi, Abdul Basit, Rashid Ahmad Khan. (2019) Expounding Complex Relations among Criticisms on Islamic Banking through Interpretive Structural Modeling, Paradigms , Vol 13, Issue 2.
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