Realizing the Potential of Islamic Finance
AbstractIslamic finance has been growing rapidly in recent years. Motivated by a heightened interest in financial instruments that emphasize risk sharing, it has been attracting greater attention in the wake of the recent financial crisis. This class of instruments appears to have avoided many of the most severe consequences of the crisis. Several features underpin the expansion and performance of Islamic finance. Addressing key regulatory and governance issues will be essential for Islamic finance to achieve its full potential. Several multilateral development institutions, including the World Bank, have longstanding programs to support the development of the industry and have used Islamic instruments, to varying extents, to tap capital markets. In the coming years, Islamic finance could account for a substantial share of financial services in several countries, meeting the preferences of significant numbers of people, enhancing financial inclusion and intermediation, and contributing more broadly to financial stability and development.
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Bibliographic InfoArticle provided by The World Bank in its journal Economic Premise.
Volume (Year): (2012)
Issue (Month): 77 (March)
finance ministry; central finance agencies; fiscal; public finance; political economy; low-income countries; development; reform; public financial management; World Bank;
Other versions of this item:
- E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
- E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
- E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
- F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
- F5 - International Economics - - International Relations, National Security, and International Political Economy
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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"Islamic vs. conventional banking : business model, efficiency and stability,"
Policy Research Working Paper Series
5446, The World Bank.
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- Mohieldin, Mahmoud & Iqbal, Zamir & Rostom, Ahmed & Fu, Xiaochen, 2011. "The role of Islamic finance in enhancing financial inclusion in organization of Islamic cooperation (OIC) countries," Policy Research Working Paper Series 5920, The World Bank.
- Dulce Redin & Reyes Calderón & Ignacio Ferrero, 2012. "Cultural Financial Traditions and Universal Ethics: the Case of Hawala," Faculty Working Papers 08/12, School of Economics and Business Administration, University of Navarra.
- Sweder van Wijnbergen & Sajjad Zaheer, 2013. "Sukuk Defaults: On Distress Resolution in Islamic Finance," Tinbergen Institute Discussion Papers 13-087/VI, Tinbergen Institute.
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