2014
DOI: 10.12816/0004130
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Islamic Finance in the United Kingdom : Factors behind Its Development and Growth

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Cited by 23 publications
(21 citation statements)
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“…In terms of global outlook, Islamic banking is growing steadily, from one establishment in one country to about 600 institutions in more than 70 Muslim and non-Muslim countries (Beloufi and Chachi, 2014) 3 . The global market for Islamic banking is set to flourish significantly in the years ahead and has the potential for becoming a part of the international financial system (Nazeer, 2015) 4 .…”
Section: With Strict Philosophies Of Lending Islamic Banking Gained mentioning
confidence: 99%
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“…In terms of global outlook, Islamic banking is growing steadily, from one establishment in one country to about 600 institutions in more than 70 Muslim and non-Muslim countries (Beloufi and Chachi, 2014) 3 . The global market for Islamic banking is set to flourish significantly in the years ahead and has the potential for becoming a part of the international financial system (Nazeer, 2015) 4 .…”
Section: With Strict Philosophies Of Lending Islamic Banking Gained mentioning
confidence: 99%
“…Since then, several Muslim and non-Muslim researchers have investigated the growth and phenomenon of Islamic banking (e.g. Iqbal and Mirakhor, 1999;El-Gamal, 2000;Warde, 2000;Wilson, 2006;Lewis and Algaud, 2001;Zaher and Hasaan, 2001;Ismail, 2002;Maurer, 2002;Siddiqi, 2002;Bley and Kuehn, 2004;Karbhari et al, 2004;Obaidullah, 2005;Iqbal and Molyneux, 2005;Ainley et al, 2007;Dusuki and Abdullah, 2007;Dusuki and Dar, 2007;Zainol et al, 2008;Kamla, 2009, Masood et al, 2009Ali and Syed, 2010;Khan, 2010;Housby, 2011;Akbar et al, 2012;Filippo et al, 2013;Beloufi and Chachi;Kammer et al, 2015;and Riaz et al, 2016). There is a tendency in the Islamic finance literature to assume the theoretical superiority of Islamic banking, based on PLS, over the conventional interest-based banking system.…”
Section: Introductionmentioning
confidence: 99%
“…This situation has allowed conventional banks to exploit extant demand for Islamic banking by developing interest-free financial instruments that are carefully marketed to customers likely to be concerned about this aspect of Islamic teaching (Tett, 2007). 6 In an Islamic system, capital is not "saved" as such, but is instead "mobilised" in the real economy by Shariah-compliant financing instruments such as Mudarabah (Trustee Finance Contracts), Musharakah (Joint Partnerships), Murabahah (Mark-up Financing), Sukuk (Islamic Bonds) and Ijara (leasing), all of which are commonly used by UK-based Islamic banks (Usmani, 2002;Beloufi and Chachi, 2014). Although few recent studies have examined the broader social role of these products, with analyses of surface practicalities coming to dominate, literature examining the extent to which Islamic banks achieve community-oriented goals did develop between the early 1990s and the mid-2000s.…”
Section: And In This Contextmentioning
confidence: 99%
“…The UK government has openly championed the Islamic financial industry in an attempt to encourage wider participation (Ahmad, 2008;Housby, 2011). The City of London has been one of the world's most prominent financial centres for centuries (Wilson, 2000) and, reflecting the state's efforts, has become a major hub for Islamic Finance (Ainley et al, 2007;Hutton, 2013;Beloufi and Chachi, 2014). A number of Muslim scholars have noted this growth and see opportunities for the UK industry to flourish further (Wilson, 2000;Karbhari et al, 2004;Ahmed, 2008;Aldohni, 2008;Dusuki, 2008;Walid et al, 2010;Akbar et al, 2012;Rahman, 2012;Quilter-Pinner and Yan, 2013;Fry, 2014;Nazeer, 2015).…”
Section: Introductionmentioning
confidence: 99%
“…2 The UK has become the main hub for Islamic Finance in the west, with London attracting significant amounts of funds through investment banks linked to the Middle-East (Ahmad, 2008;Masood et al, 2009). However, this institutional dominance has not been reflected in widespread market engagement on the part of the nation's small -but large and well-established -Islamic population (Dusuki and Dar, 2007;Filippo et al 2013;Belouafi and Chachi, 2014). The British government has asserted its explicit desire to tackle the financial exclusion of UK-based Muslims and support ethical practices in the sector more widely (Housby, 2011); this context of a significant, but apparently financially excluded, Muslim community in a nation whose capital markets are replete with global Islamic banking flows makes the UK an ideal site for investigating views regarding both disenfranchisement and potential in the sector.…”
Section: Such Rationales Have Become Important In Broader Attempts Tomentioning
confidence: 99%