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Trends and Challenges in Islamic Finance

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Author Info

  • Heiko Hesse
  • Andreas (Andy) Jobst
  • Juan Solé

Abstract

The paper first discusses the current trends in Islamic finance, which has become mainstream with currently more than US$800 billion of assets worldwide and a buoyant market for sukuk bonds. However, this exorbitant growth raises many challenges, particularly in the areas of banking, capital markets and regulation. Thus, the paper then considers these challenges, notably the economic and legal bottlenecks of sukuk, banking-specific issues, such as liquidity risk management and business models, as well as disharmonized financial regulation. Despite the challenges, the paper concludes that the Islamic finance industry has a bright future.

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File URL: http://www.world-economics-journal.com/Contents/ArticleOverview.aspx?ID=335
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Bibliographic Info

Article provided by World Economics, Economic & Financial Publishing, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE in its journal World Economics Journal.

Volume (Year): 9 (2008)
Issue (Month): 2 (April)
Pages: 175-193

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Handle: RePEc:wej:wldecn:335

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Cited by:
  1. Juan Sole & Andreas Jobst, 2012. "Operative Principles of Islamic Derivatives," IMF Working Papers 12/63, International Monetary Fund.
  2. Martin Čihák & Heiko Hesse, 2010. "Islamic Banks and Financial Stability: An Empirical Analysis," Journal of Financial Services Research, Springer, vol. 38(2), pages 95-113, December.
  3. Ajmi, Ahdi Noomen & Hammoudeh, Shawkat & Nguyen, Duc Khuong & Sarafrazi, Soodabeh, 2014. "How strong are the causal relationships between Islamic stock markets and conventional financial systems? Evidence from linear and nonlinear tests," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 28(C), pages 213-227.
  4. repec:ipg:wpaper:35 is not listed on IDEAS

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