Islamic Finance

Abstract

"Islamic finance is a dynamic, practical and academic field of contemporary Islamic studies. It is based on the universally shared ethical values of transparency, fairness and justice and operates in conformity with the Shariah in the framework of laws existing in a jurisdiction. During the past 35 years Islamic finance has emerged as a way of financing production, projects and trade and facilitating the required financial intermediation and payments systems. The recent global financial crisis has increased interests in the Islamic finance business model. The focus has been on the products offered by Islamic finance, its architectural foundations, the unique risks of its assets and liabilities and its implications for the inclusiveness and stability of the interconnected financial systems. In the coming years we expect that these interest areas will remain in focus of the academic and policy research works in the field of Islamic finance. This note intends to highlight some of the pertinent themes in the research and policy nexus related to Islamic finance."(pg 1)