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Islamic banking, Islamic finance (Arabic: مصرفية إسلامية masrifiyya 'islamia), or Sharia-compliant finance [1] is banking or financing activity that complies with Sharia (Islamic law) and its practical application through the development of Islamic economics.
Islamic non-banking finance has grown to encompass a wide range of services, but as of 2013, banking still dominates and represented about four-fifths of total assets in Islamic finance. [ 60 ] [ 44 ] The sukuk market is also a fast-growing segment with assets equivalent to about 15 percent of the industry.
Challenges in Islamic finance are the difficulties in providing modern finance services without violation of sharia (Islamic law). [ 1 ] The industry of Islamic banking and finance has developed around avoiding riba (unjust, exploitative gains made in trade or business) by avoiding interest .
Dubai Islamic finance Under Shariah , or traditional Islamic law, charging interest on a loan is taboo, but Muslim businessmen have created sukuk , which are financial instruments that can enable ...
A number of economists have lamented that while Islamic Finance was originally a "subset" of Islamic Economics, economics and research in pure Islamic economics has been "shifted to the back burner". [117] Funding for research has gone to Islamic Finance [118] despite the lack of "scientific knowledge to back" the claims made for Islamic ...
Because compliance with Sharia law is the underlying reason for the existence of Islamic finance, Islamic banks (and conventional banking institutions that offer Islamic banking products and services) should establish a Sharia Supervisory Board (SSB) to advise them on whether their products comply, and to ensure that their operations and ...
This it does with a (putative) musharaka "Islamic running finance facility". Since the workhorses of Islamic finance are product-based vehicles such as murabaha, which expire once the product has been financed, they do not provide steady funding – a line of credit – for firms to draw on. The Islamic running finance facility does.
Global Islamic Finance Report (GIFR) is an annual publication, covering recent developments in the global Islamic financial services industry. It was produced by Edbiz Consulting, a London-based Islamic advisory firm in conjunction with the Cambridge Institute of Islamic Finance.
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