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Islamic Finance - Essay Example
Religion and Theology
Pages 4 (1004 words)
Islamic finance Islamic finance encompasses one of the fastest-developing sectors of modern day’s finance industry. While Islamic finance was traditionally considered a marginal industry, today, it is admired as a crucial and flourishing market…
The value and growth demonstrated by Islamic finance, in recent years, typifies the industry’s overall potential comparative to conventional finance. The growth of Islamic finance has been observed outside conventional Islamic markets in members of the Gulf Cooperation Council (GCC). This signifies the increased attention being paid to Islamic finance by policy markers, as well as other universal market participants. The point of this paper is to refute the argument that Islamic finance cannot serve as a viable alternative to conventional finance. To date, a number of non-traditional Islamic markets such as London and New York have shown increased appreciation for the value of Islamic finance. In fact, London and New York launched indices in their FTSE and Dow Jones indices with a view to offer a benchmark for equity prices attributable to investments in Islamic financial companies (Warde 141). Governments such as the UK government continue to play a major role in extending the scope of Islamic finance by extending support, for instance, by prohibiting the imposition of double stamp duty on Islamic mortgages (Warde 54). This is indicative of the fact that modern governments and private institutions are becoming increasingly aware of the viability of Islamic finance as an alternative to conventional finance. ...
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