Title: Religious context and its influence on banking sector regulation

Authors: Ainur Ramazanova; Assyl Sabitova; Raissa Orsayeva; Gulmira Bairkenova; Indira Smailova

Addresses: Department of Law, Sarsen Amanzholov East Kazakhstan University, Ust-Kamenogorsk, Kazakhstan ' Department of Law, Sarsen Amanzholov East Kazakhstan University, Ust-Kamenogorsk, Kazakhstan ' Department of Law, Sarsen Amanzholov East Kazakhstan University, Ust-Kamenogorsk, Kazakhstan ' Department of Law, Sarsen Amanzholov East Kazakhstan University, Ust-Kamenogorsk, Kazakhstan ' Department of Law, Sarsen Amanzholov East Kazakhstan University, Ust-Kamenogorsk, Kazakhstan

Abstract: The aim of the study is to identify typical religiously-based regulatory practices in the banking sector of secular states. With this end in view, the intersection of religion and banking was qualitatively analysed, as well as confessional-based economies of Judaism, Christianity, and Islam were characterised. The results obtained provide evidence that religion exerts a notable influence on the social and economic life of the country. The Jewish banking system is based on the analogy of the Islamic finance paradigm - it is built upon Sharia law but provides services for the population according to national jurisdiction of the state and the laws of the Torah. In the meantime, the regulation of basic banking practices in the Christian tradition is not religiously conditioned. The originality of this study is in the analytical tool designed to manage financial activities within the particular economic system while making allowances to the moral values of society.

Keywords: business ethics; religion; Islamic society; bank; economic behaviour.

DOI: 10.1504/IJBGE.2023.134202

International Journal of Business Governance and Ethics, 2023 Vol.17 No.6, pp.673 - 688

Received: 31 Aug 2021
Accepted: 26 Oct 2021
Published online: 13 Oct 2023 *

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