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    Islamic finance: a vehicle for economic development

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    mavrakis200905.pdf (585.0Kb)
    Date
    2009-05
    Author
    Mavrakis, Nadia
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    Abstract
    Islamic finance is based on adherence to Shariah, or Islamic law, by prohibiting paying or charging usury or interest. This paper discusses the theological background for the differences between Islamic banking and conventional banking. It gives a picture of how and where the Islamic finance industry operates today. It also shows how the Islamic banking model is different from that of conventional Western finance through a discussion of various Islamic financial instruments. The paper then introduces ideas for how Islamic finance can be used as a vehicle for economic development.
    Department
    Finance
    Subject
    Islamic Finance
    Finance – Islamic countries
    Finance – Religious aspects – Islam
    Islamic banking
    Banks and banking – Islamic countries
    Banks and banking – Religious aspects – Islam
    Economic development – Developing countries
    Alternative lending practices and finance methods
    URI
    http://hdl.handle.net/2152/6288
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