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- W3198816435 abstract "Many Muslims are marginalized from the global economy because mainstream interest-based financial system is in conflict with the principles of sharENah (Islamic law). To address the issue, IBF has developed which offer instruments that are compliant with sharENah. The ultimate objective of IBF is to promote Islamic norms of economic behavior, and ultimately to realise the maqEsid of sharENah in creating a just economic system thru the elimination of ribE’. The PLS instruments employed by IBF institutions, such as muIārabah, are considered the ideal mode of Islamic finance. In contrast to conventional interest-based finance, PLS instruments counter unequal distributions of income and wealth, leading to an optimal allocation of resources. PLS instruments ensure justice in the relationships between the parties involved, as returns to the bank are dependent on the operational results of entrepreneurs.The growth of IBF institutions has been phenomenal since their introduction in the 1960s. The expansion has been especially pronounced in the 1970s and since the late 1990s. The upsurge of IBF in the 1970s was driven by oil price rises, competition for regional power between Egypt and Saudi Arabia, and a general Islamic resurgence. The second upsurge has involved similar drivers, but with the added benefit of standardized regulation and management, as well as improved overall business decision-making. The aftermath of 11 September 2001 reinforced the second surge in Islamic finance. The sense that Islam was under siege strengthened the quest for common ground in the operations of IBF institutions. Divergent interpretations of the sharENah had previously divided the industry." @default.
- W3198816435 created "2021-09-13" @default.
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- W3198816435 date "2011-01-01" @default.
- W3198816435 modified "2023-09-25" @default.
- W3198816435 title "Including Islamic Banking and Finance in the Global Economy" @default.
- W3198816435 doi "https://doi.org/10.2139/ssrn.3435558" @default.
- W3198816435 hasPublicationYear "2011" @default.
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