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The role of multilateral organizations in the development of Islamic finance in Asia

In: Islamic Finance in Eurasia

Author

Listed:
  • Priyesta Rizkiningsih
  • Cindhi Cintokowati
  • Randi Swandaru
  • Aishath Muneeza
  • M. Kabir Hassan

Abstract

Islamic finance rose significantly after World War II, with the independence of many Muslim- populated countries in Asia and Africa. The trajectory started with a pilot project called Mit Ghamr Bank in Egypt in 1963, followed by Dubai Islamic Bank’s enactment in 1975. Noticing the potential of Islamic finance, many multilateral organizations now embrace Islamic finance to achieve shared goals. The emerging Islamic financial institutions and their increasing financing volume have triggered significant awareness for the Muslim community to develop standards for Shari’ah transactions, governance, ethics, and many more. Thus, several multilateral organizations have emerged to shape a sound Islamic financial system and aim for wider prosperity and justice.

Suggested Citation

  • Priyesta Rizkiningsih & Cindhi Cintokowati & Randi Swandaru & Aishath Muneeza & M. Kabir Hassan, 2024. "The role of multilateral organizations in the development of Islamic finance in Asia," Chapters, in: M. K. Hassan & Paolo Biancone & Aishath Muneeza (ed.), Islamic Finance in Eurasia, chapter 8, pages 163-184, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:22161_8
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    File URL: https://www.elgaronline.com/doi/10.4337/9781035308705.00017
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