Continuation
The
author writes that:
§ the
Islamic financial system;
§ and
the way in which it is perceived by all the major players
have
changed profoundly since the 1970s.
There
has been:
o
a diversification of products and players;
o
and an intensification of the cross-border
dimension.
Islamic
finance is no longer seen as opposed to a “secular”, global financial system,
but as an integral part of it.
Today,
an Islamic financial system exists to provide a variety of religiously
acceptable financial services to Muslim communities.
Also
it provides financial services as an alternative for non-Muslim clients
seeking:
§ ethical
investments;
§ and
greater risk diversification.
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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