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Erschienen in:
2011 | OriginalPaper | Buchkapitel
Islamic Finance and the Regulatory Challenge: The European Case
verfasst von : Ahmed Belouafi, Abderrazak Belabes
Erschienen in: Islamic Economics and Finance
Verlag: Palgrave Macmillan UK
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Islamic finance (IF) came into being no more than five decades ago. Its institutional development can be divided into two phases: that of the 1960s, which witnessed the introduction of a local savings bank in the rural area of Mit-Ghamr in Egypt,1 and that of the mid-1970s, which saw the introduction of commercial private banking and an inter-government initiative2 at regional level among OIC3 countries. Since then, Islamic finance has grown steadily, spreading from one institution in one country to more than 400 institutions in more than 70 countries with total assets reaching the threshold of one trillion US dollars.4 In addition, its operations have diversified.