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The development of Islamic finance in the GCC

Wilson, Rodney (2009) The development of Islamic finance in the GCC. Kuwait Programme on Development, Governance and Globalisation in the Gulf States. London School of Economics and Political Science, London, UK.

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Abstract

Modern Islamic banking originated with the establishment of the Dubai Islamic Bank in 1975. The study evaluates the development of Islamic banking in the GCC since then, an industry which now encompasses Islamic takaful (insurance) and shariah-compliant asset management, as well as retail and investment banking. An examination is made of the extent to which government policy, through both legislation and regulation, has facilitated the development of Islamic finance. Shariah governance systems are appraised, in particular the workings of the devolved form of self-governance by Islamic financial institutions. The deposit facilities offered by Islamic banks in the GCC are discussed, as well as the financing provided, notably trade finance, consumer credit and mortgages for real estate, which are the dominant types of funding by Islamic banks. The issuance and trading of Islamic sukuk securities is also considered, as well as the role of the region’s financial centres.

Item Type: Monograph (Report)
Official URL: http://www.lse.ac.uk/IDEAS/programmes/kuwait/home....
Additional Information: © 2009 The Author
Divisions: Middle East Centre
Subjects: H Social Sciences > HG Finance
J Political Science > JQ Political institutions Asia
Sets: Research centres and groups > Middle East Centre
Collections > Kuwait Programme
Date Deposited: 14 Jan 2014 15:47
Last Modified: 26 Sep 2019 23:12
Funders: Kuwait Foundation for the Advancement of Sciences
URI: http://eprints.lse.ac.uk/id/eprint/55281

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