Historical Development and Research Design

Fayaz Ahmad Lone
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Fayaz Ahmad Lone: Prince Sattam Bin Abdulaziz University

Chapter 2 in Islamic Banks and Financial Institutions, 2016, pp 15-40 from Palgrave Macmillan

Abstract: Abstract Islamic finance is as old as Islam itself, but over the course of its history the way of business has changed from the Barter System to the Dirham System and from the Dirham System to the Currency System. The way in which business was financed in earlier periods of trade is totally different from the way in which it is financed today. Islamic finance also remained in papers for many years and a practical, modern shape was only given to it with the establishment of the Dubai Islamic Bank in 1975. Today Islamic finance is emerging not only in Muslim countries but all over the world, irrespective of economic systems prevailing there. Over the course of the next few years Islamic banking is expected to become an expanding and emerging market as it is currently estimated to be increasing at an annual rate of 15 per cent.

Keywords: Financial Institution; Saudi Arabia; Islamic Bank; Muslim Country; Islamic Finance (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:pal:pmschp:978-1-137-51566-7_2

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DOI: 10.1057/9781137515667_2

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