Abstract
Islamic finance is an ethical financial system based on Islamic law. It has spread beyond the Muslim world, but with various theoretical and practical implications. It has potential for high growth, especially in Europe. Beyond its intrinsically religious character, this sector of activity is open to every client, without religious discrimination.
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Notes
- 1.
International Monetary Fund, Islamic finance: Opportunities, Challenges, and Policy Options, April 2015, pp. 13–14, online on: https://www.imf.org/external/pubs/ft/sdn/2015/sdn1505.pdf
- 2.
Ibidem.
- 3.
IFSB, Islamic Financial Services Industry Stability Report 2017, May 2017, p. 3, online on: https://www.ifsb.org/docs/IFSB%20IFSI%20Stability%20Report%202017.pdf
- 4.
IRTI, Global Report on Islamic Finance 2016, Islamic Finance A Catalyst for Shared Prosperity?, p. 3, online on: http://www.irti.org/English/News/Documents/438.pdf
- 5.
IMF Working Paper, The Effects of the Global Crisis on Islamic and Conventional Banks: A Comparative Study, September, 2010, online on: http://www.imf.org/external/pubs/ft/wp/2010/wp10201.pdf
- 6.
Kuwait Ministry of Awqaf and Religious Affairs, The Kuwaiti legal encyclopaedia, vol. 1, pp. 16–17.
- 7.
Literally, increase, addition or growth. Legally, a surplus granted to a contractor but having no legal counterpart. Cf. Al-Jurjānī, The definitions, Beyrouth: Dār al-kutub al-ʿilmiyya, p. 109.
- 8.
What has an unknown fate, without anyone knowing if it exists or not. Ibidem, p. 161.
- 9.
One may argue Turkey is only marginally in Europe, but the Turkish financial sector is mostly headquartered in Istanbul, that is, in Europe, geographically, as is the large Muslim community in Russia, which demonstrated a definite interest in Islamic finance since more than a century; cf. Zaripov I. 2013. “ИКЪТИСАД” – ПЕРВЫЙ РОССИЙСКИЙ ЖУРНАЛ ПО ИСЛАМСКОЙ ЭКОНОМИКЕ; Iktisad, the first Russian magazine on Islamic economics, Philology and Culture, 31.
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Hajjar, M. (2019). Introduction. In: Hajjar, M. (eds) Islamic Finance in Europe. Palgrave Studies in Islamic Banking, Finance, and Economics. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-030-04094-9_1
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DOI: https://doi.org/10.1007/978-3-030-04094-9_1
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