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Oiling global capital accumulation: analysing the principles, practices, and geographical distribution of Islamic financial services

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  • David Bassens
  • Ben Derudder
  • Frank Witlox

Abstract

This article focuses on the Islamic financial services (IFS) sector, which originated in the Middle East, but is now rapidly becoming a global sector. First, Islamic economic ideology is discussed, which resulted in the foundation of IFS firms after the 1973 oil crisis, and then an overview of the most common IFS is provided. The third part discusses the global distribution of IFS firms and Shari'a compliant assets. The Middle East is at the apex of the IFS sector, with the Islamized economies of Iran and Pakistan and prime hubs such as Manama and Dubai. Outside the Middle East, Malaysia is identified as an important growing market for IFS, while outside the Muslim world, London is increasingly profiling itself as a global IFS hub.

Suggested Citation

  • David Bassens & Ben Derudder & Frank Witlox, 2008. "Oiling global capital accumulation: analysing the principles, practices, and geographical distribution of Islamic financial services," The Service Industries Journal, Taylor & Francis Journals, vol. 31(3), pages 327-341, December.
    • Handle: RePEc:taf:servic:v:31:y:2008:i:3:p:327-341
    DOI: 10.1080/02642060802712830
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