Compilation reviewing the issues facing the Islamic finance industry in Malaysia, Singapore, Brunei, Indonesia, Pakistan, and the emerging markets of Japan, and the United States. Contributors include: A. Selvam, K.a. Khairuddin, S. Ashak, H.S. Latiff, D. Thani, M. Hussain, H. Hamzah, T. Maeda, M.A. Kuo, A.Z.A. Rashid, B. Rasul, A. Hasan, S. Akhtar, M. Mahlknecht, and R. Calder. (SA)
The author gives a brief summary on Islamic Banking’s objections to conventional banking and provides a detailed analysis of various contracts within the scope of Islamic Banking, as well as the different kinds of transactions. Microfinance is a powerful tool for reaching the poor by raising their living standards, creating jobs, and contributing to economic growth. More needs to be done to reach the 4.5 million entrepreneurial poor in the Middle East and North Africa. As of today, only Egypt’s National Bank is an active participant in the microfinance industry.
Also referred to as World Bank Policy Research Working Paper 3227, March 2004. _x000D_ _x000D_ In addition to the risks attributed to Islamic finance due to a general lack of understanding of how the system operates, Islamic financial institutions face a number of other risks.