Islamic financial institutions is the blanket term for all financial institutions that operate in line with the [[Shari'ah]]. Generally, in order to be considered an Islamic financial institution, there must be a [[Shari'ah board]] composed of more than one scholar qualified to issue a [[fatwa]] on the [[Shari'ah-compliance]] of a financial product. There are conflicting statistics about the size and total number of Islamic financial institutions globally, but the International Financial Services London, a financial industry trade group in the U.K. estimates that as of the end of 2007, there are 280 Islamic financial institutions globally with total assets of US$729 billion (IFSL Research, 2009: 2).
Islamic financial institutions is the blanket term for all financial institutions that operate in line with the [[Shari'ah]]. Generally, in order to be considered an Islamic financial institution, there must be a [[Shari'ah board]] composed of more than one scholar qualified to issue a [[fatwa]] on the [[Shari'ah-compliance]] of a financial product. There are conflicting statistics about the size and total number of Islamic financial institutions globally, but the International Financial Services London, a financial industry trade group in the U.K. estimates that as of the end of 2007, there are 280 Islamic financial institutions globally with total assets of US$729 billion (IFSL Research, 2009: 2). The rating agency S&P estimates the size of the market in 2015 reaching USD 1'600 million.
This page was last modified on 11 October 2017, at 14:30.