Introduction To Islamic Finance: Asset-Backed Financing

This is a series of articles from the revered book "Introduction to Islamic Finance" by Taqi Muhammad Usmani to give readers awareness into the general concepts of Islamic finance. Please direct your specific questions to scholars.

Previous: Introduction To Islamic Finance: Capitalist vs Islamic Economy

Islamic finance

ONE of the most important characteristics of Islamic financing is that it is an asset-backed financing.

The conventional / capitalist concept of financing is that the banks and financial institutions deal in money and monetary papers only. That is why they are forbidden, in most countries, from trading in goods and making inventories.

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Turkey To Triple Market Share Of Islamic Finance

Turkey to triple market share of Islamic finance

TURKEY is committed to tripling the market share of Islamic finance, bringing it up to 15 percent by 2023, Deputy Prime Minister Mehmet Şimşek has said.

Speaking at a conference at the Gaziantep-based Hasan Kalyoncu University, Şimşek said the Islamic finance market had been growing swiftly in Turkey and that the government aimed to further boost the sector.

“Islamic finance currently enjoys a 5 percent share in the market. Our target is to increase this up to 15 percent by 2023. We would like to turn Turkey into a hub of Islamic finance,” he said, adding both state and private banks needed to develop their services in this area.

The minister noted the income inequality in the world, saying 62 people’s wealth was equal to 3.62 billion people. He said Islamic finance can play a positive role to address this problem.


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Africa Ripe For Islamic finance

africa

AFRICA'S development needs are greatly aligned with Islamic finance given the continent’s infrastructure deficit, paving the way for more sharia-compliant products on the continent, according to Imran Mufti, partner at Riyadh-based law firm Hogan Lovells.

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Introduction To Islamic Finance: Capitalist vs Islamic Economy

We shall be publishing a series of articles from the revered book "Introduction to Islamic Finance" by Taqi Muhammad Usmani to give readers awareness into the general concepts of Islamic finance. Please direct your specific questions to scholars.

Previous: Introduction To Islamic Finance: Setting The Stage

Islamic finance

BEFORE the details of Islamic modes of financing are discussed, it seems necessary to explain some points concerning the basic principles that govern the whole economic set-up in an Islamic way of life.

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