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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)


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.

Suggested Citation

  • Ahmad M. Mashal, 2012. "Islamic Financial in the Global Financial System," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 2(1), pages 207-223, March.
  • Handle: RePEc:asi:aeafrj:2012:p:207-223

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    References listed on IDEAS

    1. 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.
    2. 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.
    3. Zubair Hasan, 2008. "Credit creation and control: an unresolved issue in Islamic banking," International Journal of Islamic and Middle Eastern Finance and Management, Emerald Group Publishing, vol. 1(1), pages 69-81, April.
    4. 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.
    5. Abbas Mirakhor & Mohsin S. Khan, 1991. "Islamic Banking," IMF Working Papers 91/88, International Monetary Fund.
    6. Walter B. Wriston, 1998. "Dumb Networks and Smart Capital," Cato Journal, Cato Journal, Cato Institute, vol. 17(3), Winter.
    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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