QFinance
By Andreas Jobst
Executive Summary
- Islamic finance has become mainstream, with more than US$800 billion of assets worldwide. However, it still faces distinct developmental challenges from economic and legal constraints associated with sukuk, banking-specific issues, and fragmented financial regulation.
- Although Islamic capital markets and banking have defied the impact of the financial crisis, some negative effects were felt in 2008 and are likely to inhibit further expansion.
- Despite current challenges, most of which arise from the infancy of the industry, Islamic finance has promising long-term prospects.
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