The Islamic Finance Industry

Issues and Challenges

Burak Çıkıryel, Tawfik Azrak

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English

Routledge
28 November 2024

Regional studies; Economic theory & philosophy; Monetary economics; International economics; Banking

Series: Islamic Business and Finance Series

Islamic finance has emerged to meet the financial needs of people who seek a different approach to conventional banking and finance. Due to its late inception, Islamic finance has often been regarded as an ""infant industry"" compared to its traditional counterparts. Even though the Islamic finance industry is still classified as nascent, it has shown rapid growth in the last decade or so.

The primary objective of this book is to highlight the main issues and challenges the Islamic finance industry faces and to offer practical solutions. Firstly, the book classifies the main components of Islamic finance such as money and banking, capital markets, fintech, microfinance, insurance as well as morality and governance. Secondly, all of the chapters are combined according to their relationship and link with each other so as to provide readers with a unique and holistic overview of the subject. The chapters are written by well-renowned experts in the field.

As well as offering readers theoretical information about each subject under discussion, it also advances practical solutions that can contribute to the development of each field. The book answers questions such as how money is created by banks; what the business model of Islamic banking should look like; whether Islamic microfinance institutions are sustainable; what the likely framework of takaful should be; what the potential role of fintech could be in reshaping the Islamic financial system, and where and whether morality fits in the financial system.

The book will attract the attention of students, researchers, practitioners, regulators and policymakers.

Edited by: Burak Çıkıryel, Tawfik Azrak
Imprint: Routledge
Country of Publication: United Kingdom
Dimensions: Height: 234mm, Width: 156mm,
Weight: 330g
ISBN: 9781032455020
ISBN 10: 1032455020
Series: Islamic Business and Finance Series
Pages: 158
Publication Date: 28 November 2024
Audience: College/higher education , Professional and scholarly , Primary , Undergraduate
Format: Paperback
Publisher's Status: Active

1. Introduction 2. Islamic Banks As Creators of Money 3. The Advantages of Islamic Banking and Financial Markets 4. Suggestions for Banking Business Models of Islamic Banking: Current Issues and Practical Solutions for the Future 5. Financial Sustainability of Islamic Microfinance Institutions (MFIs) 6. Contemporary Issues in Takaful Sector and Possible Solutions 7. Issues in Technology: An Analysis of the Potential Role of Fintech in Reshaping the Islamic Financial System 8. Morality of Finance: An Islamic Economics Approach 9. Issues and Practical Solutions of Shariah Governance in Islamic Financial Institutions

Burak Çıkıryel, PhD, is a research assistant in the Department of Islamic Economics and Finance, Social Sciences University of Ankara, Turkey. Tawfik Azrak is an Assistant Professor in the Department of Islamic Economics and Finance, Social Science University of Ankara, Turkey.