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Fundamentals of Islamic Finance and Banking
book

Fundamentals of Islamic Finance and Banking

by Syeda Fahmida Habib
August 2018
Beginner content levelBeginner
312 pages
10h 32m
English
Wiley
Content preview from Fundamentals of Islamic Finance and Banking

CHAPTER 12Global Standing of Islamic Finance and Banking

BACKGROUND OF MODERN ISLAMIC FINANCE AND BANKING

The idea of interest-free financing has existed since the birth of Islam, but its reintroduction into the world of finance is only a few decades old. The concept of modern Islamic finance emerged in the mid-20th century with Asian and Arab Muslim-majority countries gaining independence from Western colonial powers, searching for their own identity and inspired by Islamic economics distinct from both the Western capitalist and Eastern socialist models. Islamic economics, as a term, was first coined by Abul Ala Al Mawdudi, who sought to develop Islamic social science (Kuran, 2004). Islamic finance and banking evolved from the concepts of Islamic economics, based on the profit and loss system (which is considered more equitable and stable) and with the joint efforts of Islamic Shariah scholars and practicing professionals in the finance and banking ...

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Publisher Resources

ISBN: 9781119371007