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Why Islamic finance?

In: Islamic Finance

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Abstract

This chapter is about the motives for Muslims to advocate the use of financial instruments that obey specific Islamic requirements. The movement for an Islamic economy and an Islamic financial system in particular, started in the second half of the nineteenth century with a new Islamic awakening but took a different turn after the First World War. A new impetus was given with the rise in oil wealth in a number of predominantly Muslim countries after the 1973–74 oil crisis. Other industries followed. The chapter concludes by highlighting the diversity of views among Muslims on the various forms of Islamization of the economy.

Suggested Citation

  • ., 2019. "Why Islamic finance?," Chapters, in: Islamic Finance, chapter 1, pages 1-11, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:17465_1
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