ISLAMIC FINANCE AND BANKING CONFERENCE


Islamic Finance and Banking Conference is one of the leading research topics in the international research conference domain. Islamic Finance and Banking is a conference track under the Business Conference which aims to bring together leading academic scientists, researchers and research scholars to exchange and share their experiences and research results on all aspects of Business.

internationalconference.net provides a premier interdisciplinary platform for researchers, practitioners and educators to present and discuss the most recent innovations, trends, and concerns as well as practical challenges encountered and solutions adopted in the fields of (Business).

Islamic Finance and Banking is not just a call for academic papers on the topic; it can also include a conference, event, symposium, scientific meeting, academic, or workshop.

You are welcome to SUBMIT your research paper or manuscript to Islamic Finance and Banking Conference Track will be held at “Business Conference in San Francisco, United States in June 2020” - “Business Conference in Paris, France in July 2020” - “Business Conference in New York, United States in August 2020” - “Business Conference in Tokyo, Japan in September 2020” - “Business Conference in Zürich, Switzerland in September 2020” - “Business Conference in Barcelona, Spain in October 2020” - “Business Conference in San Francisco, United States in November 2020” - “Business Conference in Istanbul, Turkey in November 2020” - “Business Conference in Singapore, Singapore in November 2020” - “Business Conference in Bangkok, Thailand in December 2020” - “Business Conference in Paris, France in December 2020” - “Business Conference in London, United Kingdom in February 2021” - “Business Conference in Barcelona, Spain in April 2021” - “Business Conference in Istanbul, Turkey in May 2021” - “Business Conference in San Francisco, United States in June 2021” - “Business Conference in Paris, France in July 2021” - “Business Conference in New York, United States in August 2021” - “Business Conference in Tokyo, Japan in September 2021” - “Business Conference in Zürich, Switzerland in September 2021” - “Business Conference in Barcelona, Spain in October 2021” - “Business Conference in San Francisco, United States in November 2021” - “Business Conference in Istanbul, Turkey in November 2021” - “Business Conference in Singapore, Singapore in November 2021” - “Business Conference in Bangkok, Thailand in December 2021” - “Business Conference in Paris, France in December 2021” .

Islamic Finance and Banking is also a leading research topic on Google Scholar, Semantic Scholar, Zenedo, OpenAIRE, BASE, WorldCAT, Sherpa/RoMEO, Elsevier, Scopus, Web of Science.

Final Call

IX. INTERNATIONAL BUSINESS CONFERENCE

JUNE 05 - 06, 2020
SAN FRANCISCO, UNITED STATES

X. INTERNATIONAL BUSINESS CONFERENCE

JULY 20 - 21, 2020
PARIS, FRANCE

XI. INTERNATIONAL BUSINESS CONFERENCE

AUGUST 10 - 11, 2020
NEW YORK, UNITED STATES

XII. INTERNATIONAL BUSINESS CONFERENCE

SEPTEMBER 10 - 11, 2020
TOKYO, JAPAN

XIII. INTERNATIONAL BUSINESS CONFERENCE

SEPTEMBER 16 - 17, 2020
ZÜRICH, SWITZERLAND

XIV. INTERNATIONAL BUSINESS CONFERENCE

OCTOBER 21 - 22, 2020
BARCELONA, SPAIN

XV. INTERNATIONAL BUSINESS CONFERENCE

NOVEMBER 02 - 03, 2020
SAN FRANCISCO, UNITED STATES

  • Abstracts/Full-Text Paper Submission Deadline June 15, 2020
  • Notification of Acceptance/Rejection Deadline June 30, 2020
  • Final Paper and Early Bird Registration Deadline October 05, 2020
  • CONFERENCE CODE: 20BC11US
  • One Time Submission Deadline Reminder

XVI. INTERNATIONAL BUSINESS CONFERENCE

NOVEMBER 12 - 13, 2020
ISTANBUL, TURKEY

  • Abstracts/Full-Text Paper Submission Deadline June 15, 2020
  • Notification of Acceptance/Rejection Deadline June 30, 2020
  • Final Paper and Early Bird Registration Deadline October 05, 2020
  • CONFERENCE CODE: 20BC11TR
  • One Time Submission Deadline Reminder

XVII. INTERNATIONAL BUSINESS CONFERENCE

NOVEMBER 19 - 20, 2020
SINGAPORE, SINGAPORE

  • Abstracts/Full-Text Paper Submission Deadline June 15, 2020
  • Notification of Acceptance/Rejection Deadline June 30, 2020
  • Final Paper and Early Bird Registration Deadline October 19, 2020
  • CONFERENCE CODE: 20BC11SG
  • One Time Submission Deadline Reminder

XVIII. INTERNATIONAL BUSINESS CONFERENCE

DECEMBER 15 - 16, 2020
BANGKOK, THAILAND

  • Abstracts/Full-Text Paper Submission Deadline June 15, 2020
  • Notification of Acceptance/Rejection Deadline June 30, 2020
  • Final Paper and Early Bird Registration Deadline November 17, 2020
  • CONFERENCE CODE: 20BC12TH
  • One Time Submission Deadline Reminder

XIX. INTERNATIONAL BUSINESS CONFERENCE

DECEMBER 28 - 29, 2020
PARIS, FRANCE

  • Abstracts/Full-Text Paper Submission Deadline June 15, 2020
  • Notification of Acceptance/Rejection Deadline June 30, 2020
  • Final Paper and Early Bird Registration Deadline November 26, 2020
  • CONFERENCE CODE: 20BC12FR
  • One Time Submission Deadline Reminder

XX. INTERNATIONAL BUSINESS CONFERENCE

FEBRUARY 13 - 14, 2021
LONDON, UNITED KINGDOM

  • Abstracts/Full-Text Paper Submission Deadline June 15, 2020
  • Notification of Acceptance/Rejection Deadline June 30, 2020
  • Final Paper and Early Bird Registration Deadline January 16, 2021
  • CONFERENCE CODE: 21BC02GB
  • One Time Submission Deadline Reminder

XXI. INTERNATIONAL BUSINESS CONFERENCE

APRIL 15 - 16, 2021
BARCELONA, SPAIN

  • Abstracts/Full-Text Paper Submission Deadline June 15, 2020
  • Notification of Acceptance/Rejection Deadline June 30, 2020
  • Final Paper and Early Bird Registration Deadline March 16, 2021
  • CONFERENCE CODE: 21BC04ES
  • One Time Submission Deadline Reminder

XXII. INTERNATIONAL BUSINESS CONFERENCE

MAY 11 - 12, 2021
ISTANBUL, TURKEY

  • Abstracts/Full-Text Paper Submission Deadline June 15, 2020
  • Notification of Acceptance/Rejection Deadline June 30, 2020
  • Final Paper and Early Bird Registration Deadline April 01, 2021
  • CONFERENCE CODE: 21BC05TR
  • One Time Submission Deadline Reminder

XXIII. INTERNATIONAL BUSINESS CONFERENCE

JUNE 05 - 06, 2021
SAN FRANCISCO, UNITED STATES

  • Abstracts/Full-Text Paper Submission Deadline June 15, 2020
  • Notification of Acceptance/Rejection Deadline June 30, 2020
  • Final Paper and Early Bird Registration Deadline May 06, 2020
  • CONFERENCE CODE: 21BC06US
  • One Time Submission Deadline Reminder

XXIV. INTERNATIONAL BUSINESS CONFERENCE

JULY 20 - 21, 2021
PARIS, FRANCE

  • Abstracts/Full-Text Paper Submission Deadline June 15, 2020
  • Notification of Acceptance/Rejection Deadline June 30, 2020
  • Final Paper and Early Bird Registration Deadline June 19, 2020
  • CONFERENCE CODE: 21BC07FR
  • One Time Submission Deadline Reminder

XXV. INTERNATIONAL BUSINESS CONFERENCE

AUGUST 10 - 11, 2021
NEW YORK, UNITED STATES

  • Abstracts/Full-Text Paper Submission Deadline June 15, 2020
  • Notification of Acceptance/Rejection Deadline June 30, 2020
  • Final Paper and Early Bird Registration Deadline July 10, 2020
  • CONFERENCE CODE: 21BC08US
  • One Time Submission Deadline Reminder

XXVI. INTERNATIONAL BUSINESS CONFERENCE

SEPTEMBER 10 - 11, 2021
TOKYO, JAPAN

  • Abstracts/Full-Text Paper Submission Deadline June 15, 2020
  • Notification of Acceptance/Rejection Deadline June 30, 2020
  • Final Paper and Early Bird Registration Deadline August 10, 2020
  • CONFERENCE CODE: 21BC09JP
  • One Time Submission Deadline Reminder

XXVII. INTERNATIONAL BUSINESS CONFERENCE

SEPTEMBER 16 - 17, 2021
ZÜRICH, SWITZERLAND

  • Abstracts/Full-Text Paper Submission Deadline June 15, 2020
  • Notification of Acceptance/Rejection Deadline June 30, 2020
  • Final Paper and Early Bird Registration Deadline August 17, 2020
  • CONFERENCE CODE: 21BC09CH
  • One Time Submission Deadline Reminder

XXVIII. INTERNATIONAL BUSINESS CONFERENCE

OCTOBER 21 - 22, 2021
BARCELONA, SPAIN

  • Abstracts/Full-Text Paper Submission Deadline June 15, 2020
  • Notification of Acceptance/Rejection Deadline June 30, 2020
  • Final Paper and Early Bird Registration Deadline September 22, 2020
  • CONFERENCE CODE: 21BC10ES
  • One Time Submission Deadline Reminder

XXIX. INTERNATIONAL BUSINESS CONFERENCE

NOVEMBER 02 - 03, 2021
SAN FRANCISCO, UNITED STATES

  • Abstracts/Full-Text Paper Submission Deadline June 15, 2020
  • Notification of Acceptance/Rejection Deadline June 30, 2020
  • Final Paper and Early Bird Registration Deadline October 05, 2020
  • CONFERENCE CODE: 21BC11US
  • One Time Submission Deadline Reminder

XXX. INTERNATIONAL BUSINESS CONFERENCE

NOVEMBER 12 - 13, 2021
ISTANBUL, TURKEY

  • Abstracts/Full-Text Paper Submission Deadline June 15, 2020
  • Notification of Acceptance/Rejection Deadline June 30, 2020
  • Final Paper and Early Bird Registration Deadline October 05, 2020
  • CONFERENCE CODE: 21BC11TR
  • One Time Submission Deadline Reminder

XXXI. INTERNATIONAL BUSINESS CONFERENCE

NOVEMBER 19 - 20, 2021
SINGAPORE, SINGAPORE

  • Abstracts/Full-Text Paper Submission Deadline June 15, 2020
  • Notification of Acceptance/Rejection Deadline June 30, 2020
  • Final Paper and Early Bird Registration Deadline October 19, 2020
  • CONFERENCE CODE: 21BC11SG
  • One Time Submission Deadline Reminder

XXXII. INTERNATIONAL BUSINESS CONFERENCE

DECEMBER 15 - 16, 2021
BANGKOK, THAILAND

  • Abstracts/Full-Text Paper Submission Deadline June 15, 2020
  • Notification of Acceptance/Rejection Deadline June 30, 2020
  • Final Paper and Early Bird Registration Deadline November 17, 2020
  • CONFERENCE CODE: 21BC12TH
  • One Time Submission Deadline Reminder

XXXIII. INTERNATIONAL BUSINESS CONFERENCE

DECEMBER 28 - 29, 2021
PARIS, FRANCE

  • Abstracts/Full-Text Paper Submission Deadline June 15, 2020
  • Notification of Acceptance/Rejection Deadline June 30, 2020
  • Final Paper and Early Bird Registration Deadline November 26, 2020
  • CONFERENCE CODE: 21BC12FR
  • One Time Submission Deadline Reminder
FINISHED

I. INTERNATIONAL BUSINESS CONFERENCE

MARCH 19 - 20, 2019
ISTANBUL, TURKEY

FINISHED

II. INTERNATIONAL BUSINESS CONFERENCE

JUNE 26 - 27, 2019
PARIS, FRANCE

FINISHED

III. INTERNATIONAL BUSINESS CONFERENCE

AUGUST 21 - 22, 2019
LONDON, UNITED KINGDOM

FINISHED

IV. INTERNATIONAL BUSINESS CONFERENCE

OCTOBER 08 - 09, 2019
NEW YORK, UNITED STATES

FINISHED

V. INTERNATIONAL BUSINESS CONFERENCE

DECEMBER 12 - 13, 2019
ROME, ITALY

FINISHED

VI. INTERNATIONAL BUSINESS CONFERENCE

FEBRUARY 13 - 14, 2020
LONDON, UNITED KINGDOM

FINISHED

VII. INTERNATIONAL BUSINESS CONFERENCE

APRIL 15 - 16, 2020
BARCELONA, SPAIN

FINISHED

VIII. INTERNATIONAL BUSINESS CONFERENCE

MAY 11 - 12, 2020
ISTANBUL, TURKEY

Business Conference Call For Papers are listed below:

Previously Published Papers on "Islamic Finance and Banking Conference"

  • Cultural Effects on the Performance of Non- Profit and For-Profit Microfinance Institutions
    Authors: Patrick M. Stanton, William R. McCumber, Keywords: Hofstede cultural dimensions, international finance, microfinance institutions, non-profit. DOI:10.5281/zenodo. Abstract: Using a large dataset of more than 2,400 individual microfinance institutions (MFIs) from 120 countries from 1999 to 2016, this study finds that nearly half of the international MFIs operate as for-profit institutions. Formal institutions (business regulatory environment, property rights, social protection, and a developed financial sector) impact the likelihood of MFIs being for-profit across countries. Cultural differences across countries (power distance, individualism, masculinity, and indulgence) seem to be a factor in the legal status of the MFI (non-profit or for-profit). MFIs in countries with stronger formal institutions, a greater degree of power distance, and a higher degree of collectivism experience better financial and social performance.
  • Garden Culture in Islamic Civilization: A Glance at the Birth, Development and Current Situation
    Authors: Parisa Göker, Keywords: Islamic civilization, Islamic architecture, cultural landscape, Islamic garden. DOI:10.5281/zenodo. Abstract: With the birth of Islam, the definitions of paradise in Quran have spread across three continents since 7th century, showing itself in the palace gardens as a reflection of Islamic Culture. The design characteristics of Islamic gardens come forth with the influence of religious beliefs, as well as taking its form as per the cultural, climatic and soil characteristics of its geography, and showing its difference. It is possible to see these differences from the garden examples that survived to present time from the civilizations in the lands of Islamic proliferation. The main material of this research is the Islamic gardens in Iran and Spain. Field study was carried out in Alhambra Palace in Spain, Granada and Shah Goli garden in Iran, Tabriz. In this study, the birth of Islamic gardens, spatial perception of paradise, design principles, spatial structure, along with the structural/plantation materials used are examined. Also the characteristics and differentiation of the gardens examined in different cultures and geographies have been revealed. In the conclusion section, Iran and Spain Islamic garden samples were evaluated and their properties were determined.
  • Performance Comparison of Cooperative Banks in the EU, USA and Canada
    Authors: Matěj Kuc, Keywords: Cooperative banking, panel data, profitability measures, random effects. DOI:10.5281/zenodo. Abstract: This paper compares different types of profitability measures of cooperative banks from two developed regions: the European Union and the United States of America together with Canada. We created balanced dataset of more than 200 cooperative banks covering 2011-2016 period. We made series of tests and run Random Effects estimation on panel data. We found that American and Canadian cooperatives are more profitable in terms of return on assets (ROA) and return on equity (ROE). There is no significant difference in net interest margin (NIM). Our results show that the North American cooperative banks accommodated better to the current market environment.
  • A Qualitative Evidence of the Markedness of Code Switching during Commercial Bank Service Encounters in Ìbàdàn Metropolis
    Authors: A. Robbin, Keywords: Markedness, bilingualism, code switching, service encounter, banking. DOI:10.5281/zenodo.3299535 Abstract: In a multilingual setting like Nigeria, the success of service encounters is enhanced by the use of a language that ensures the linguistic and persuasive demands of the interlocutors. This study examined motivations for code switching as a negotiation strategy in bank-hall desk service encounters in Ìbàdàn metropolis using Myers-Scotton’s exploration on markedness in language use. The data consisted of transcribed audio recording of bank-hall service encounters, and direct observation of bank interactions in two purposively sampled commercial banks in Ìbàdàn metropolis. The data was subjected to descriptive linguistic analysis using Myers Scotton’s Markedness Model.  Findings reveal that code switching is frequently employed during different stages of service encounter: greeting, transaction and closing to fulfil relational, bargaining and referential functions. Bank staff and customers code switch to make unmarked, marked and explanatory choices. A strategy used to identify with customer’s cultural affiliation, close status gap, and appeal to begrudged customer; or as an explanatory choice with non-literate customers for ease of communication. Bankers select English to maintain customers’ perceptions of prestige which is retained or diverged from depending on their linguistic preference or ability.  Yoruba is seen as an efficient negotiation strategy with both bankers and their customers, making choices within conversation to achieve desired conversational and functional aims.
  • Market Acceptance of a Murabaha-Based Finance Structure within a Social Network of Non-Islamic Small and Medium Enterprise Owners in African Procurement
    Authors: Craig M. Allen, Keywords: Africa, entrepreneurs, Islamic finance, market acceptance, Murabaha, SMEs. DOI:10.5281/zenodo.2643888 Abstract: Twenty two African entrepreneurs with Small and Medium Enterprises (SMEs) in a single social network centered around a non-Muslim population in a smaller African country, selected an Islamic financing structure, a form of Murabaha, based solely on market rationale. These entrepreneurs had all won procurement contracts from major purchasers of goods within their country and faced difficulty arranging traditional bank financing to support their supply-chain needs. The Murabaha-based structure satisfied their market-driven demand and provided an attractive alternative to the traditional bank-offered lending products. The Murabaha-styled trade-financing structure was not promoted with any religious implications, but solely as a market solution to the existing problems associated with bank-related financing. This indicates the strong market forces that draw SMEs to financing structures that are traditionally considered within the framework of Islamic finance.
  • An Overview of the Islamic Banking Development in the United Kingdom, Malaysia, Saudi Arabia, Iran, Nigeria, Kenya and Uganda
    Authors: Pradeep Kulshrestha, Maulana Ayoub Ali, Keywords: Shariah, Islamic banking, law, alternative banking. DOI:10.5281/zenodo.2643830 Abstract: The level of penetration of Islamic banking products and services has recorded a reasonable growth at an exponential rate in many parts of the world. There are many factors which have contributed to this growth including, but not limited to the rapid growth of number of Muslims who are uncomfortable with the conventional ways of banking, interest and higher interest rates scheduled by conventional banks and financial institutions as well as the financial inclusion campaign conducted in many countries. The system is facing legal challenges which open the research fdoor for practitioners and academicians for the sake of finding out solutions to those challenges. This paper tries to investigate the development of the Islamic banking system in the United Kingdom (UK), Saudi Arabia, Malaysia, Iran, Kenya, Nigeria and Uganda in order to understand the modalities which have been employed to run an Islamic banking system in the aforementioned countries. The methodology which has been employed in doing this research paper is Doctrinal, of which legislations, policies and other legal tools have been carefully studied and analysed. Again, papers from academic journals, books and financial reports have been deeply analysed for the purpose of enriching the paper and come up with a tangible results. The paper found that in Asia, Malaysia has created the smoothest legal platform for Islamic banking system to work properly in the country. The United Kingdom has tried harder to smooth the banking system without affecting the conventional banking methods and without favouring the operations of Islamic banks. It also tries harder to make UK as an Islamic banking and finance hub in Europe. The entire banking system in Iran is Islamic, while Nigeria has undergone several legal reforms to suit Islamic banking system in the country. Kenya and Uganda are at a different pace in making Islamic Banking system work alongside the conventional banking system.  
  • The Touristic Development of the Archaeological and Heritage Areas in Alexandria City, Egypt
    Authors: Salma I. Dwidar, Amal A. Abdelsattar, Keywords: Archeological buildings, heritage buildings, heritage tourism, planning of Islamic cities. DOI:10.5281/zenodo.2580958 Abstract: Alexandria city is one of the greatest cities in the world. It confronted different civilizations throughout the ages due to its special geographical location and climate which left many archaeological areas of great heritage (Ptolemaic, Greek, Romanian, especially sunken monuments, Coptic, Islamic, and finally, the Modern). Also, Alexandria city contains areas with different patterns of urban planning, both Hellenistic and compacted planning which merited the diversity in planning. Despite the magnitude of this city, which contains all the elements of tourism, the city was not included in the tourism map of Egypt properly comparing with similar cities in Egypt. This paper discusses the importance of heritage areas in Alexandria and the relationship between heritage areas and modern buildings. It highlights the absence of a methodology to deal with heritage areas as touristic areas. Also, the paper aims to develop multiple touristic routes to visit archaeological areas and other sights of significance in Alexandria. The research methodology is divided into two main frameworks. The first framework is a historical study of the urban development of Alexandria and the most important remaining monuments throughout the ages, as well as an analytical study of sunken monuments and their importance in increasing the rate of tourism. Moreover, it covers a study of the importance of the Library of Alexandria and its effect on the international focus of the city. The second framework focuses on the proposal of some tourism routes to visit the heritage areas, archaeological monuments, sunken monuments and the sights of Alexandria. The study concludes with the proposal of three tourism routes. The first route, which is the longest one, passes by all the famous monuments of the city as well as its modern sights. The second route passes through the heritage areas, sunken monuments, and Library of Alexandria. The third route includes the sunken monuments and Library of Alexandria. These three tourism routes will ensures the touristic development of the city which leads to the economic growth of the city and the country.
  • Developing Islamic Module Project for Preschool Teachers Using Modified Delphi Technique
    Authors: Mazeni Ismail, Nurul Aliah, Hasmadi Hassan, Keywords: Islamic project, modified Delphi technique, project approach, teacher moral guidance. DOI:10.5281/zenodo.2580956 Abstract: The purpose of this study is to gather the consensus of experts regarding the use of moral guidance amongst preschool teachers vis-a-vis the Islamic Project module (I-Project Module). This I-Project Module seeks to provide pertinent data on the assimilation of noble values in subject-matter teaching. To obtain consensus for the various components of the module, the Modified Delphi technique was used to develop the module. 12 subject experts from various educational fields of Islamic education, early childhood education, counselling and language fully participated in the development of this module. The Modified Delphi technique was administered in two mean cycles. The standard deviation value derived from questionnaires completed by the participating panel of experts provided the value of expert consensus reached. This was subsequently analyzed using SPSS version 22. Findings revealed that the panel of experts reached a discernible degree of agreement on five topics outlined in the module, viz; content (mean value 3.36), teaching strategy (mean value 3.28), programme duration (mean value 3.0), staff involved and attention-grabbing strategy of target group participating in the value program (mean value 3.5), and strategy to attract attention of target group to utilize i-project (mean value 3.0). With regard to the strategy to attract the attention of the target group, the experts proposed for creative activities to be added in order to enhance teachers’ creativity.
  • Availability, Accessibility and Utilization of Information and Communication Technology in Teaching and Learning Islamic Studies in Colleges of Education, North-Eastern, Nigeria
    Authors: Bello Ali, Keywords: Accessibility, availability, college of education, ICT, Islamic Studies, learning, North-Eastern, teaching, utilization. DOI:10.5281/zenodo.1474934 Abstract: The use of Information and Communication Technology (ICT) in tertiary institutions by lecturers and students has become a necessity for the enhancement of quality teaching and learning. This study examined availability, accessibility and utilization of ICT in Teaching-Learning Islamic Studies in Colleges of Education, North-East, Nigeria. The study adopted multi-stage sampling technique, in which, five out of the eleven Colleges of Education (both Federal and State owned) were purposively selected for the study. Primary data was drawn from the respondents by the use of questionnaire, interviews and observations. The results of the study, generally, indicate that the availability and accessibility to ICT facilities in Colleges of Education in North-East, Nigeria, especially in teaching/learning delivery of Islamic studies were relatively inadequate and rare to lecturers and students. The study further reveals that the respondents’ level of utilization of ICT is low and only few computer packages and internet services were involved in the ICT utilization, which is yet to reach the real expected situation of the globalization and advancement in the application of ICT if compared to other parts of the world, as far as the teaching and learning of Islamic studies is concerned. Observations and conclusion were drawn from the findings and finally, recommendations on how to improve on ICT availability, accessibility and utilization in teaching/ learning were suggested.
  • A Decade of Creating an Alternative Banking System in Tanzania: The Current State of Affairs of Islamic Banks
    Authors: Pradeep Kulshrestha, Maulana Ayoub Ali, Keywords: Islamic banking, Islamic Windows, regulations, banks. DOI:10.5281/zenodo.1474765 Abstract: The concept of financial inclusion has been tabled in the whole world where practitioners, academicians, policy makers and economists are working hard to look for the best possible opportunities in order to enable the whole society to be in the banking cycle. The Islamic banking system is considered to be one of the said opportunities. Countries like the United Kingdom, United States of America, Malaysia, Saudi Arabia, the whole of the United Arab Emirates and many African countries have accommodated the aspect of Islamic banking in the conventional banking system as one of the financial inclusion strategies. This paper tries to analyse the current state of affairs of the Islamic Banking system in Tanzania in order to understand the improvement of the provision of Islamic banking products and services in the said country. The paper discusses the historical background of the banking system in Tanzania, the level of penetration of banking products and services and the coming of the Islamic banking system in the country. Furthermore, the paper discusses banking regulatory bodies, legal instruments governing banking operations as well as number of legal challenges facing Islamic banking operations in the country. Following a critical literature review, the paper discovered that there is no legal instrument which talks about the introduction and provision of Islamic banking system in Tanzania. Furthermore, the Islamic banking system was considered as a banking product which is absolutely incorrect because Islamic banking is considered to be as a banking system of its own. In addition to that, it has been discovered that lack of a proper regulatory system and legal instruments to harmonize the conventional and Islamic banking systems has resulted in the closure of one Islamic window in the country, which in the end affects the credibility of the newly introduced banking system. In its conclusive remarks, the paper suggests that Tanzania should work on all legal challenges affecting the smooth operations of the Islamic banking system. This can be in a way of adopting various Islamic banking legal models which are used in countries like Malaysia and others, or a borrowing legal harmonization process which has been adopted by the UK, Uganda, Nigeria and Kenya.