Continuation
The
author writes that:
Thus,
historically, Islamic finance has developed over a long period of a profound rethinking
of the:
§ cultural;
§ religious;
§ and
social
identity
of Muslims and with the affirmation of its distinctive characteristics.
The
1970s saw the industry experience its first major development.
It
appeared on the global stage, when a huge inflow of liquidity into the Gulf
States was used to support the establishment of several institutions offering
Islamic financial services (IIFSs).
Since
then, Islamic financial activity has grown significantly, both in terms of
volume and scope, as discussed in Section 2.
From the research
paper of European Central Bank
(Authors:
F.Mauro, P.Caristi, S.Couderc, A.D.Maria,
L.Ho, B.K.Grewal, S.Masciantonio, S. Ongena and S.Zaher)
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