Finance as Worship: A Survey of Islamic Finance Research

CEIF Discussion Paper (4/2017)

89 Pages Posted: 15 May 2017

See all articles by Mohammed Alzahrani

Mohammed Alzahrani

King Fahd University of Petroleum & Minerals

William L. Megginson

University of Oklahoma

Date Written: May 12, 2017

Abstract

The global Islamic finance industry is estimated to be worth approximately US $1.4 trillion, and has grown much faster than conventional finance over the past four decades. Although 80% of this industry is concentrated in the Middle East, North Africa, East Asia, and the Pacific, it is active in 59 countries across all continents. Formally launched in the 1970s, this industry has deep roots in Islamic law (Sharia) and offers many implications for modern finance. In this survey, we explore key aspects of Islamic financing through banking, capital markets, and private contracting. Our objective is to attract the attention of academic researchers, regulators and standard setters, and providers/users of Islamic funding to the critical issues related to the efficiency of Islamic finance.

Keywords: Islamic finance, Islamic economics, Islamic banking, Sharia-compliance, Sukuk, Islamic bonds, Sharia boards

JEL Classification: A13, B10, B20, G20, G3, K12, Z12

Suggested Citation

Alzahrani, Mohammed and Megginson, William L., Finance as Worship: A Survey of Islamic Finance Research (May 12, 2017). CEIF Discussion Paper (4/2017). Available at SSRN: https://ssrn.com/abstract=2967619 or http://dx.doi.org/10.2139/ssrn.2967619

Mohammed Alzahrani

King Fahd University of Petroleum & Minerals ( email )

Saudi Arabia
96638601626 (Phone)
96638602585 (Fax)

HOME PAGE: http://faculty.kfupm.edu.sa/FINEC/mfaraj/

William L. Megginson (Contact Author)

University of Oklahoma ( email )

307 W Brooks, 205A Adams Hall
Norman, OK 73019
United States
(405) 325-2058 (Phone)
(405) 325-1957 (Fax)

HOME PAGE: http://faculty-staff.ou.edu/M/William.L.Megginson-

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