Islamic Finance Industry Market 2017 - Current and Future Plans

SUMMARY

WiseGuyReports published new report, titled “Islamic finance”

The Islamic finance industry has witnessed strong double digit growth in recent years, and yet serious problems persist that are likely to stop it from growing beyond a certain point. These include a lack of access to financial institutions in Muslim majority nations, general instability in large parts of the Muslim world, as well as a lack of concensus amongst the Islamic clergy from their various respective schools of thought, as to what exactly is "Islamic finance".

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Islamic finance, also known as sharia compliant finance, is a fast growing industry in many countries with high growth potential. The term Islamic finance refers to the provision of financial services that do not contradict traditional Islamic values in relation to the charging of interest or investing in companies producing forbidden items such as alcoholic products, and so forth. The Islamic finance industry has witnessed strong growth in recent years and further strong potential growth in this industry has caught the eye of major international banks such as BNP Paribas and JPMorgan.
The Islamic finance industry has grown at a strong pace in the last two decades. However it was in the 1970s that efforts were made to adjust it to better fit with the modern economic system. Subsequently efforts were made to standardize the industry which has yielded positive results to some extent. However growth has been dominated by nine countries, whilst the majority of Muslims continue to use non-sharia compliant financial services or in some cases none at all. A major reason for this is due to a lack of scholarly consensus on many questions relating to the Islamic finance industry. This lack of consensus coupled with low urbanization rates and political and economic instability in large parts of the Islamic world have served to undermine the growth of the Islamic finance industry. Nevertheless strong growth potential persists and with a strong decisive consensus building approach towards the problems facing the industry, this potential can materialize into tangible solid growth in the near future.

Some major forms of Islamic finance

Over the past several decades, numerous forms of sharia compliant financial services are now being offered by financial institutions and banks. A common feature, at least in theory, in the Islamic finance industry is the concept of risk sharing wherein both the borrower and financier share the profits generated from a certain activity, rather than the borrower owing a fixed or variable amount of interest to the financier, regardless of whether any profit is being generated or not.

Some major forms of Islamic finance include –

Sukuk bonds,
Ijarah contracts
Mudaraba contracts.

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