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1. Introduction Islamic finance, 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
1 Introduction If the Islamic finance 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 Islamic finance markets. This will require an active and well
1 Introduction Islamic finance is a financial system that operates according to the principles of Sharīʿah (commonly referred to as Islamic law). 1 The Sharīʿah consists of rulings derived from four main sources, which are the Qurʾān, Sunnah (Prophetic sayings and tradition), iǧmāʿ
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 Islamic finance industry. In order to ensure that ifi operations are conducted in accordance with Islamic principles, Sharīʻah
Introduction The contemporary Islamic finance 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 Islamic finance 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 Islamic finance originates from its complicated legal
Islamic finance 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 Islamic finance industry to take stock of the evolution of Islamic finance products in the last
to many modern-day economists. However, with the advent of Islamic finance (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
1 Introduction The Islamic finance industry is becoming an increasingly important component of the international financial market. The value of global Islamic finance assets reached USD 2.88 trillion in 2019, 1 with USD 1.25 trillion worth of assets located in the Gulf Cooperation Council