Providing a comprehensive account of the progress, potential and challenges facing Islamic finance in Eurasia, this prescient book explores Islamic finance’s history and development across the Asian and European continents and argues that in order for this market to continue to prosper, innovation and adaptation is a necessity.
Providing a comprehensive account of the progress, potential and challenges facing Islamic finance in Eurasia, this prescient book explores Islamic finance’s history and development across the Asian and European continents and argues that in order for this market to continue to prosper, innovation and adaptation is a necessity.
Islamic Finance in Eurasia brings together a wealth of expert scholars, making a significant contribution to the emerging literature available on this topic. Chapters cover in depth the progress, potential, innovative practices and challenges of Islamic finance in Eurasia, analysing selected case studies from the region. This incisive book argues that sustainable and inclusive Islamic finance has the potential to promote economic growth, reduce poverty and increase financial independence.
Offering an extensive overview of the topic, this book will prove a highly beneficial read for students and researchers interested in understanding both the efficacies and challenges of adopting Islamic finance in this region. Islamic finance stakeholders, policymakers and regional standard setting bodies will also find this book an invaluable resource.
Arvustused
It is hard to find books focusing on Islamic finance in Eurasia. I congratulate and commend the efforts of the publisher, editors and contributors of this book for compiling various important aspects of the development of Islamic finance in Eurasia which is not limited only to the developments; but potential and challenges as well. -- Mansor Ibrahim, Deputy President, INCEIF University, Malaysia Through this book we realise that irrespective of the faith convictions and the number of Muslims residing in a particular country or region, Islamic finance is essential to be developed for sustainable development. There is no doubt that todays Islamic finance has gained momentum in the world as a proxy to conventional financing. -- Mehmet Huseyin Bilgin, Professor of Economics, Istanbul Medeniyet University, Turkey This book is a source of inspiration to realise the untapped potential of Islamic finance in Eurasia. Through this book it is easy to realise the exponential development of Islamic finance in Eurasia while understanding the significance of strategic leadership role as an essential ingredient for success. The selected case studies discussed in this book are useful to appreciate the innovative practices in Islamic finance. -- Zamir Iqbal, Vice President of Finance, Islamic Development Bank, Saudi Arabia
Contents:Foreword xvFederica MigliettaAcknowledgement xviiiIntroduction to Islamic Finance in Eurasia 1M. Kabir Hassan, Paolo Biancone and Aishath MuneezaPART I PROGRESS OF ISLAMIC FINANCE IN EURASIA1 The state of Islamic finance in Europe 7Omar Rehan Baig, Aishath Muneeza, M. Kabir Hassanand Paolo Biancone2 Developments of Islamic Finance in Eastern Europe andCaucasus Region 27Madina Kalimullina3 Islamic Finance in South Asian Association for RegionalCooperation (SAARC) Countries 44M. Kabir Hassan, Ismail Mohamed, Shadman Shakib,Muath Mubarak, Aishath Muneeza and Paolo Biancone4 The driving factors for the advance of Islamic finance inSouthern Europe 79Monsurat Ayojimi Salami5 Growth of Islamic finance in Northern Europe 101Mouad Sadallah, Mohammed Soufiane Benmoussa andSaeed A. Bin-NashwanPART II POTENTIAL OF ISLAMIC FINANCE IN EURASIA6 Islamic finance and the demand for Islamic homefinancing solutions within the Dutch Islamic consumer segment 129Erik Lesterhuis, Aishath Muneeza and M. Kabir Hassan7 Debt-free diminishing Musharaka home finance in theUnited Kingdom: An empirical case study of primary finance 150Salman Hasan and Abu Umar Faruq Ahmad8 The role of multilateral organizations in the developmentof Islamic finance in Asia 162Priyesta Rizkiningsih, Cindhi Cintokowati,Randi Swandaru, Aishath Muneeza and M. Kabir Hassan9 The role of cash waqf in resolving the financingchallenges for human development 184M. Kabir Hassan, Aishath Muneeza and Paolo Biancone10 The role of sukuk in developing real estate projects 210Aishath Muneeza, Sherin Kunhibava, M. Kabir Hassanand Paolo BianconePART III INNOVATIVE ISLAMIC FINANCEPRACTICES AND CHALLENGES11 Financial Sustainability Challenges of Hajj FinancialManagement Agency (BPKH) in Indonesia: What ReallyMatters? 221Dony Perdana, Saeed A. Bin-Nashwan, Aishath Muneezaand M. Kabir Hassan12 Challenges facing the development of Islamic finance inWestern Europe 250Rihab Grassa13 Challenges in establishing digital Islamic banks in Malaysia 262Siti Nuraisyah Binti Mohammed Sulaiman and Aishath Muneeza14 The challenges facing Islamic finance in Uzbekistan 283Viktoriya Muzaffarova and Aishath Muneeza15 Blockchain sukuk to assist financing challenges facingmicrofinance in Indonesia 306Sherin Kunhibava, Zakariya Mustapha, Maryam Khalidand Aishath MuneezaIndex 323
Edited by M. Kabir Hassan, Professor of Finance, Department of Economics and Finance, University of New Orleans, US, Paolo Biancone, Professor, Department of Management, University of Turin, Italy and Aishath Muneeza, Professor and Associate Dean, School of Graduate and Professional Studies and Associate Member, Centre of Excellence for Islamic Social Finance (CoE ISF), INCEIF University, Malaysia
