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Islamic Financial in the Global Financial System

  • Ahmad M. Mashal


    (Faculty of Business Studies Arab Open University/ Jordan P.O.Box 1339 Amman 11953 Jordan)

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    This paper investigates the question of whether the phenomenon of Islamic finance who based on Shariah, or Islamic law is truly globalizing and spreading as a universal system of finance and banking. The paper also addresses various aspects of the globalization for Islamic finance, among other, the issue of the rise of Islamic banking in the world, Islamic jurisprudence and finance, global standards and integration for Islamic finance, and obstacles facing Islamic finance\'s integration and growth into the global financial system. the paper suggested three key areas of priority warrant greater policy attention to further strengthen and enhance the entire Islamic financial ecosystem, through putting in place building blocks that will strengthen the resilience of the Islamic financial system and by the application of mutually acceptable rules and standards.

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    Article provided by Asian Economic and Social Society in its journal Asian Economic and Financial Review.

    Volume (Year): 2 (2012)
    Issue (Month): 1 (March)
    Pages: 207-223

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    Handle: RePEc:asi:aeafrj:2012:p:207-223
    Contact details of provider: Postal: Sadeeq Block, Near Fawara Chowk, Abbasia Town, Rahim Yar Khan - 64200, Punjab, Pakistan
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    1. Muhammad Iqbal Anjum, 2006. "Globalization at crossroads of warfare, revolution, and universalization: The Islamic panacea, stratagem and policy instruments," Humanomics: The International Journal of Systems and Ethics, Emerald Group Publishing, vol. 22(3), pages 162-177, July.
    2. Hasan, Zubair, 2008. "Credit creation and control: an unresolved issue in Islamic banking," MPRA Paper 8130, University Library of Munich, Germany, revised 07 Apr 2008.
    3. Abbas Mirakhor & Mohsin S. Khan, 1991. "Islamic Banking," IMF Working Papers 91/88, International Monetary Fund.
    4. Walter B. Wriston, 1998. "Dumb Networks and Smart Capital," Cato Journal, Cato Journal, Cato Institute, vol. 17(3), Winter.
    5. Muhammad Iqbal Anjum, 2008. "Islamic world's development policy responses to the challenges of financial globalization," Humanomics: The International Journal of Systems and Ethics, Emerald Group Publishing, vol. 24(1), pages 5-16, February.
    6. M. Mansoor Khan & M. Ishaq Bhatti, 2008. "Development in Islamic banking: a financial risk-allocation approach," Journal of Risk Finance, Emerald Group Publishing, vol. 9(1), pages 40-51, January.
    7. International Monetary Fund, 2002. "Islamic Financial Institutions and Products in the Global Financial System: Key Issues in Risk Management and Challenges Ahead," IMF Working Papers 02/192, International Monetary Fund.
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