Islamic Finance; Opportunities, Challenges, and Policy Options
The SDN discusses the main policy issues and challenges in building an inclusive and safe Islamic finance industry, with emphasis on Islamic banking and Sukuk markets. To this end, it discuses why Islamic finance matters, taking into account its recent and prospective growth; and, its potential contributions in terms of financial inclusion, support for small- and medium-sized enterprises and investment in public infrastructure and, in principle, reduced systemic risk. It then covers a range of regulatory and other challenges, and offers policy advice, to address factors that hamper the development of the industry and, more generally, the delivery of its potential benefits. The paper covers regulatory and supervisory issues, safety nets and resolution frameworks, access to finance, Sukuk markets, and macroeconomic policies.
|Date of creation:||06 Apr 2015|
|Contact details of provider:|| Postal: International Monetary Fund, Washington, DC USA|
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References listed on IDEAS
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- El-Gamal,Mahmoud A., 2009.
Cambridge University Press, number 9780521741262, December.
- El-Gamal,Mahmoud A., 2006. "Islamic Finance," Cambridge Books, Cambridge University Press, number 9780521864145, March.
- Patrick A. Imam & Kangni R Kpodar, 2010. "Islamic Banking; How Has it Diffused?," IMF Working Papers 10/195, International Monetary Fund.
- Kangni Kpodar & Patrick Imam, 2010. "Islamic Banking: How Has it Diffused?," Post-Print halshs-00669673, HAL.
- Olga Krasicka & Sylwia Nowak, 2012. "What’s in it for Me? A Primeron Differences between Islamic and Conventional Finance in Malaysia," IMF Working Papers 12/151, International Monetary Fund.
- di Mauro, Filippo & Caristi, Pierluigi & Couderc, Stéphane & di Maria, Angela & Ho, Lauren & Grewal, Beljeet Kaur & Masciantonio, Sergio & Ongena, Steven & Zaher, Sajjad, 2013. "Islamic finance in Europe," Occasional Paper Series 146, European Central Bank.
- Godlewski, Christophe J. & Turk-Ariss, Rima & Weill, Laurent, 2013. "Sukuk vs. conventional bonds: A stock market perspective," Journal of Comparative Economics, Elsevier, vol. 41(3), pages 745-761.
- Chong, Beng Soon & Liu, Ming-Hua, 2009. "Islamic banking: Interest-free or interest-based?," Pacific-Basin Finance Journal, Elsevier, vol. 17(1), pages 125-144, January. Full references (including those not matched with items on IDEAS)