Islamicfinance, growing from a niche market, is gradually positioning itself in modern finance as a mainstream choice, offering its customers a myriad of alternative instruments and presenting an ethical financial system that promotes equitable distribution of wealth whilst
If the Islamicfinance industry is to grow and develop, the market must diversify. Diversification and an increase in the volume of transactions can be achieved through increased foreign participation in Islamicfinance markets. This will require an active and well
also provide reasonable returns to their depositors and shareholders. Emphasis on Sharīʻah compliance paves the way for Sharīʻah scholars to play an integral role in the Islamicfinance industry. In order to ensure that ifi operations are conducted in accordance with Islamic principles, Sharīʻah
Introduction The contemporary Islamicfinance industry, which is arranged around financial activity structured to adhere to the financial principles of Islamic law (a term frequently used interchangeably with shari’ah ), 1 has grown from its rural beginnings in Egypt in the 1960s 2 to become a
1. Introduction: The Global Diffusion of Islamic Financial Services
Islamicfinance is one of the fastest growing sectors of the global financial system. Particularly in light of the ongoing global financial crisis, there is renewed interest in alternative forms and styles of investment
in Southeast Asian countries has expanded into a global industry. Therefore, as the Islamic financial market expands, the number of transactions increases, more parties become involved and disputes become inevitable.
One of the issues for Islamicfinance originates from its complicated legal
Islamicfinance products. 1 While it is believed that the original philosophy of Islamic economics is elusive in some Sharīʿah-compliant transactions, 2 there is an increasing call for the stakeholders in the Islamicfinance industry to take stock of the evolution of Islamicfinance products in the last
to many modern-day economists. However, with the advent of Islamicfinance (IF) in its modern form in the recent past, such a notion might no longer seem too farfetched. Although a fast-growing industry to date, IF has been forced to develop in what is essentially a Western-based economic system
Introduction. Between the Space of IslamicFinance and the Time of Islamic Law: How Texts Are Vehicles of Meaning 1
Dealing with the law of Islamicfinance, a valuable starting point can be found in the Encyclopedia of Islam .
Islamicfinance denotes financial transactions in
, compete with conventional transactions by relying on formalism, when it would be better to rely on real Islamic fundamentals. In today’s financial market, not even Islamicfinance specialists can deny that the results of both Islamic and conventional transactions are similar and intermingle in one pool