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Part I Introduction, 1 Status of the Global Islamic Finance Industry

Ibrahim Warde

From: Islamic Finance: Law and Practice (2nd Edition)

Edited By: Craig R. Nethercott, David M. Eisenberg

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 21 February 2024

Islamic financial services

This introductory chapter provides an overview of Islamic finance. Modern Islamic finance did not come out of nowhere. It appeared as the result of specific historical circumstances in the 1970s, and later evolved through a complex process of trial-and-error. It was also shaped by broader competitive and political–economic factors. Although religion was by definition central to Islamic finance, other variables—political, economic, social, cultural, and demographic—also played a significant role. No longer confined to the outer fringes of global finance, Islamic finance has also gone mainstream. Most major financial institutions are now involved in one way or another in Islamic finance, as are global consulting, accounting, and information companies. Within the Islamic world, Islamic financial institutions have become major economic players.

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