Islamic Finance

Muslim economists have several ideas about what 'Islamic economics' actually means.

Islamic banking has been practiced in West Africa since 1983. Subsidiaries of the Dar Al-Maal Al-Islami (DMI) were set up that year in Guinea, Niger, and Senegal. Sub-Saharan Africa is facing tough economic times that weather problems have worsened. Nationalization programs and low amounts of foreign exchange have further hindered development. The total capital of DMI Massaref and investment companies totaled over 900 million Guinean francs, equivalent to $1.5 million at its founding.

The Organization of the Islamic Conference (OIC) has 42 member-states. Individual nations are rarely self-sufficient, but as a unit they are self-sufficient in several of sectors. The 1974 Lahore Declaration articulated the necessity of cooperation among

There have been increasing levels of property investment in the UK accompanied by a shift away from investment in the US, a trend occurring as a result of the growing risk economic risk associated with the US and an attempts to diversify funds. Strangely enough, some Western Christian countries are providing Muslims with greater access to Islamic funds than many

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Ijara (leasing) conforms to Islamic guidelines and is therefore a halal mode of financing. Pakistani leasing companies have affected capital formation in Pakistan since 1985. Compared to other nations their role is not large, though it is expanding.

The minority Muslim population in India suffers economic plight but has a possible path to development.

The first modern Islamic banking setups were Pakistani credit unions established in the 1950s. In 1963 a small bank began in rural Egypt; in 1971 this bank became part of the Nasser Social Bank. The increase in oil wealth of

Shari'a permits the sale of goods with deferred payment. As several examples show, the principle of amortization should be applied when calculating the price of goods sold using murabaha or the size of installments in

Islamic banks, though their collective assets are currently only $25 to $100 billion, are growing quickly. The potential market for these firms is as vast as the Muslim population -- about one billion.