Continuation
The growth of
the Islamic finance industry has mainly been driven by the following factors:
§
abundant liquidity flows from the recycling of petrodollars
generated by high oil prices over the years;
§
the active role played by some jurisdictions around the world
to promote the development of Islamic financial markets in their respective
countries;
§
a growing Muslim population and the related higher demand for
Shari’ah-compliant products;
§
an increased perception that Islamic finance can support
efforts to promote global financial stability;
§
the fact that multilateral organisations (e.g. the IMF) as
well as a number of central banks have embarked on extensive studies/research
initiatives to examine prospects for Islamic finance within their respective economic
blocs/regions.
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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