Boston, MA -- (SBWIRE) -- 01/14/2014 -- Estimates place the global Muslim population at 1.6 billion which offers an excellent potential client base. Islamic finance products and services are largely under-developed. The likes of Malaysia and Saudi Arabia have relatively advanced offerings, but the market in Europe and North America is yet to take off, meaning there is great scope for growth.
Features and benefits
- This case study analyzes what Sharia-compliant finance is, why there is demand for it and how well serviced that demand is.
- This case study examines the differences between the availability of Islamic banking services in different regions.
- This case study looks at what the future holds for Islamic finance
Islamic banking is banking that is consistent with Sharia principles and its practical application through the development of Islamic economics and banking services. There are many solutions that have been devised to fulfill this need, but three of the most widely used are Murabaha, Ijara and Sukuk Al Ijara.
Islamic religious texts and fiqh (Islamic jurisprudence) deal extensively with banking and business principles and laws and many Muslims wish to adhere to them. The presence of such a large, growing Muslim population and the unsuitability of traditional banking means that there is demand for Islamic banking products and services that must be met.
In certain countries, specialist Islamic banks exist and help meet the needs of Muslims wishing to adhere to Sharia laws and principles and in others, large, multinational banks have seized the opportunity to enter a new, fast-growing market. The market remains to a large extent however, under-developed.
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Your key questions answered
- What is Sharia-compliant finance?
- Who uses Islamic finance products?
- How well serviced is the Islamic finance market?
- What does the future hold for Islamic banking?
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