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The Notions of Islamic Economics and Finance in the Global Era

In: Islamic Finance Alternatives for Emerging Economies: Empirical Evidence from Turkey

Author

Listed:
  • Rubaa Saleh
  • Murat Ustaoğlu

Abstract

The most popular debate in Islamic finance centers on the legalization of interest and its derivatives, which are seen in conventional institutions as a means of profit. Since the principles are religious in nature, the arguments mostly focus around legal rather than purely economic issues. In this chapter, the research will analyze the current situation of Islamic economics and finance practices in light of global economic developments. The scope of the research is to evaluate the contribution of Islamic finance applications in emerging Islamic countries such Turkey and Malaysia by focusingon economic growth which will be discussed in future chapters. This chapter is aimed at filtering the definition of Islamic economics and finance from global perspectives.

Suggested Citation

  • Rubaa Saleh & Murat Ustaoğlu, 2014. "The Notions of Islamic Economics and Finance in the Global Era," Palgrave Macmillan Books, in: Murat Ustaoğlu & Ahmet İncekara (ed.), Islamic Finance Alternatives for Emerging Economies: Empirical Evidence from Turkey, chapter 2, pages 28-57, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-41330-7_3
    DOI: 10.1057/9781137413307_3
    as

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