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- Title
ISLAMIC FINANCIAL MARKETS AND INSTITUTIONS.
- Authors
MALJICHI, Drita N.
- Abstract
The financial system has a large and important role; it is composed of institutions and instruments. It is known for its role in channeling financial resources. Today, in theory and practice, we often come across with the term Islamic finance and Islamic banking concept which of course it is not new for Muslim countries and Muslim societies as well. Getting to know the people who are interested in borrowing funds and making profit it is important for the Islamic financial system too. This important role and function of the financial system, is important for Islamic finances and economies as well as. Islamic finance is based on Sharia principles. The main difference between Islamic finance and Western commercial banking is that Islamic finance provides interest free banking transactions. This paper makes an effort to provide a fundamental introduction for Islamic finance. It is mainly based on Sharia principles, and indicates how functions interest free financial way of financing, i.e. Islamic financial models. Islamic financial models, as successful and effective instruments are extended in many countries, not only in Asian countries, but also worldwide. This way of financing plays an important role in the welfare of the society, inter alia to manage financial assets and resources. The Islamic financial system and its way and models of financing, are facing two principles: namely, interest-free financial transactions or non-interest bearing instrument in business dealing, and developed financial instruments based on the sharing of profit and loss. Islamic financial institutions may appear to be new to the market, but every year they are in a significant growth, and that concept of finance is known for centuries.
- Subjects
ISLAMIC finance; MUSLIMS; ISLAMIC law; FINANCIAL institutions
- Publication
Vizione, 2014, Vol 21, p291
- ISSN
1409-8962
- Publication type
Article