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Non-interest financing arrangements in three Abrahamic religions

In: Risk and Regulation of Islamic Banking

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  • Ahmad Kaleem
  • Mervyn K. Lewis

Abstract

From a single product offering in 1963, the Islamic financial services industry has grown to an estimated $1.6 trillion in assets. Products must comply with profit and risk-sharing criteria and regulations preventing banks from venturing into activities with high risk and excessive uncertainty. This timely volume analyses these matters and considers the range of new products, discussing both conceptual and practical dimensions. It connects Islamic finance to the mainstream theoretical literature on financial intermediation while also exploring its differences. The expert contributors also examine why an ethical foundation is important and why the system requires well-thought-out regulations to ensure outcomes that protect the community’s well-being.

Suggested Citation

  • Ahmad Kaleem & Mervyn K. Lewis, 2014. "Non-interest financing arrangements in three Abrahamic religions," Chapters, in: Mervyn K. Lewis & Mohamed Ariff & Shamsher Mohamad (ed.), Risk and Regulation of Islamic Banking, chapter 9, pages 155-167, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:15843_9
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    References listed on IDEAS

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    1. Ekelund, Robert B, Jr & Hebert, Robert F & Tollison, Robert D, 1989. "An Economic Model of the Medieval Church: Usury as a Form of Rent Seeking," The Journal of Law, Economics, and Organization, Oxford University Press, vol. 5(2), pages 307-331, Fall.
    2. Laurence R. Iannaccone, 1998. "Introduction to the Economics of Religion," Journal of Economic Literature, American Economic Association, vol. 36(3), pages 1465-1495, September.
    3. Laurence R. Iannaccone, 1998. "Corrigenda [Introduction to the Economics of Religion]," Journal of Economic Literature, American Economic Association, vol. 36(4), pages 1941-1941, December.
    4. Zafar Iqbal & Mervyn K. Lewis, 2009. "An Islamic Perspective on Governance," Books, Edward Elgar Publishing, number 12659.
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