Title
Oiling global capital accumulation: analyzing the principles, practices and geographical distribution of Islamic financial servicesOiling global capital accumulation: analyzing the principles, practices and geographical distribution of Islamic financial services
Author
Faculty/Department
Faculty of Applied Economics
Research group
Faculteit Toegepaste Economische Wetenschappen
Publication type
article
Publication
London,
Subject
Economics
Source (journal)
Service industries journal. - London
Volume/pages
31(2011):3, p. 327-341
ISSN
0264-2069
ISI
000287417300002
Carrier
E
Target language
English (eng)
Full text (Publishers DOI)
Abstract
This article focuses on the Islamic financial services (IFS) sector, which originated in the Middle East, but is now rapidly becoming a global sector. First, Islamic economic ideology is discussed, which resulted in the foundation of IFS firms after the 1973 oil crisis, and then an overview of the most common IFS is provided. The third part discusses the global distribution of IFS firms and Shari'a compliant assets. The Middle East is at the apex of the IFS sector, with the Islamized economies of Iran and Pakistan and prime hubs such as Manama and Dubai. Outside the Middle East, Malaysia is identified as an important growing market for IFS, while outside the Muslim world, London is increasingly profiling itself as a global IFS hub.
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