The Role of Islamic Leading Organizations for the Promotion of Islamic Finance in Western Countries

Shabbir Ms (), Rehman Ak and Akhtar T
Additional contact information
Shabbir Ms: International Islamic University Islamabad, Pakistan
Rehman Ak: International Islamic University Islamabad, Pakistan
Akhtar T: University of Punjab, Pakistan

Journal of Internet Banking and Commerce, 2016, vol. 21, issue 01, 01-11

Abstract: The majority of the literature related to Islamic finance in the Western world is country related. They only examine the role of Islamic finance in a respective country according to its Muslim population. I would like to gather all these studies and give a comprehensive overview of opportunities and challenges, such as assets and liabilities driven, securitization and spread, that Islamic financial institutions face in the world and identify the role of leading Islamic Organizations, such as Accounting and Auditing Organization for Islamic Financial Institutions, Islamic Financial Services Board, Islamic International Rating Agency, International Islamic Financial Market, International Islamic Liquidity Management Corporation and Shariah Boards for the promotion of Islamic finance in western countries. This study also investigated what regulatory measures required to Western world, in order for Islamic finance to thrive and prosper in the Western world not only for Muslim but also for non-Muslim consumers. Furthermore, all those institutional changes, which make the financial transactions prohibited, have to be taken into consideration by major Islamic banking and financial organizations, for the promotion of Islamic finance attractive to non-Muslim consumers and compatible with the conventional financial system in the Western world?

Keywords: Islamic organizations; Western world; Non-Muslim consumers; Regulatory measures (search for similar items in EconPapers)
JEL-codes: A11 (search for similar items in EconPapers)
Date: 2016
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.icommercecentral.com/open-access/the-r ... ntries.php?aid=69542 Full text (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ris:joibac:0154

Access Statistics for this article

Journal of Internet Banking and Commerce is currently edited by Vijaya Lakshmi, Nahum Goldmann and Dale Pinto

More articles in Journal of Internet Banking and Commerce
Bibliographic data for series maintained by Dale Pinto ().