Islamic Finance: Prospects and Significance
18 Southwestern Journal of International Law 113-123 (2012)
12 Pages Posted: 31 Jan 2015
Date Written: January 29, 2015
Abstract
This paper provides a brief overview of the development, nature, and prospects for Islamic finance. Islamic finance refers to banking, finance, investment, and insurance services that are structured so as to comply with Islamic law. Initially Islamic finance was limited to retail and commercial banking services. The industry has grown to include a range of investment vehicles as well as religiously approved insurance. Islamic banks now exist in more than sixty countries, and the industry is estimated to be worth over one-trillion dollars.
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