A Split in The Middle East Financial System

Oprea Raluca Ioana ()
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Oprea Raluca Ioana: “Lucian Blaga†University of Sibiu, Romania

Ovidius University Annals, Economic Sciences Series, 2017, vol. XVII, issue 1, 573-577

Abstract: In the Middle East, it has been proven that religious and cultural particularities can have adecisive impact on the economic environment. In this way, has developed Islamic financial system,a counterpart to the conventional one, that is based on the principles of Shari’ah. A niched systemaccording to addressability but also to the degree of geographical spreading, Islamic financialsystem increases with higher rates than the conventional one. Although the financial market in thiscase is closely related to real market. Islamic and conventional systems resilience is similar. TheMiddle East economy seems ready to host in parallel both types, certainty that is proven by theUnited Arab Emirates, a state that operates with a share of nearly 20% of Islamic finance, whichaims to become the regional financial hub in the future.

Keywords: Conventional economics; globalization; Islamic economics; Middle East financial system; Islamic finance (search for similar items in EconPapers)
JEL-codes: A1 G1 P5 (search for similar items in EconPapers)
Date: 2017
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