Islamic finance in Europe (107)

Continuation

“Other real estate owned” (OREO) is mostly foreclosed properties that must be sold within five years.

Hence, many Islamic institutions have opted to operate as:

-      leasing companies

-      or mortgage brokers.

These are subject to far fewer restrictions.

Overall, the US Islamic finance industry remains a niche segment in the wider North American financial sector.

3. A COMPARISON OF ISLAMIC AND CONVENTIONAL FINANCE

(BALJEET KAUR GREWAL)

The unique characteristics of the financial instruments offered by IIFSs have a diverse impact on financial outcomes for stakeholders.

Islamic financial products are essentially based on particular principles that are used in varying combinations.

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)