ISLAMIC FINANCE AND GCC ECONOMIC INTEGRATION

Russell Krueger ()
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Russell Krueger: Economist

No 1381, Working Papers from Economic Research Forum

Abstract: The GCC economic integration process is taking place among countries that officially embrace Islam and with heavily Muslim populations. The thesis of this paper is that the GCC financial system is partially bifurcated into conventional and Islamic subsectors; intrinsic characteristics of Islamic finance might tend to partially isolate it from the general financial system in the GCC with consequences for overall financial integration prospects and financial stability. This paper enumerates several areas where special actions might be needed to effectively integrate Islamic finance in national and regional financial systems to support the economic and policy efforts of the integration program. Higher degrees of regional financial integration such as a common market or monetary union require a high level of harmonisation of rules and practices in multiple spheres including financial market integration, which encompasses Islamic finance as well as conventional finance.

Pages: 14
Date: 2019-12-20, Revised 2019-12-20
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