Islamic finance: developments and outlook

Isabel Garrido, María Méndez and Pablo Moreno

Economic Bulletin, 2016, issue OCT, No 3, 33-41

Abstract: Islamic finance encompasses instruments and institutions governed by Islamic law or the Shari’ah, which implies that most assets take the form of contracts linked to an underlying asset. In recent years, Islamic finance has grown significantly, outpacing conventional finance, driven by the rise of emerging economies with Islamic jurisdictions, its gradual internationalisation, and the rising demand among the Muslim population worldwide, which has very low rates of access to and use of bank services. The future development of Islamic finance will require qualitative changes in terms of aligning its regulatory and supervisory standards to the reference Basel regulatory framework.

Date: 2016
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