THE PLACE OF SHARI'AH IN THE GLOBAL FINANCIAL ARCHITECTURE ISLAMIC FINANCE IN THE UAE

Raluca Ioana Oprea
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Raluca Ioana Oprea: Lucian Blaga University of Sibiu

Revista Economica, 2016, vol. 68, issue 2, 56-68

Abstract: The entire global financial architecture incorporates, besides capitalism, a parallel system based on its own principles and rules: Islamic finance. Amid the crisis of 2008-09, the banking system entered at the forefront of debates; even so, there is a gap when it comes about understanding principles of Shari'ah. This paper aims to unify the core principles of Islamic finance, it's operating tools, Shari'ah compliance approaches and Islamic finance in UAE. Formulated as an alternative to the conventional financial system, with the governing principles based on religious doctrines stated in Quaran and Sunnah, Shari'ah rejects riba (usury),gharar (excessive risk) and facilitates various types of transactions based on specific types of contracts. Although it started to gain territory in the last five decades, the Islamic finance growths with an average rate of ten percent per year.

Keywords: Sharia; Islamic finance; Islamic banking; UAE (search for similar items in EconPapers)
JEL-codes: A1 G2 K1 (search for similar items in EconPapers)
Date: 2016
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