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Historical Development and Research Design

In: Islamic Banks and Financial Institutions

Author

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  • Fayaz Ahmad Lone

    (Prince Sattam Bin Abdulaziz University)

Abstract

Islamic finance is as old as Islam itself, but over the course of its history the way of business has changed from the Barter System to the Dirham System and from the Dirham System to the Currency System. The way in which business was financed in earlier periods of trade is totally different from the way in which it is financed today. Islamic finance also remained in papers for many years and a practical, modern shape was only given to it with the establishment of the Dubai Islamic Bank in 1975. Today Islamic finance is emerging not only in Muslim countries but all over the world, irrespective of economic systems prevailing there. Over the course of the next few years Islamic banking is expected to become an expanding and emerging market as it is currently estimated to be increasing at an annual rate of 15 per cent.

Suggested Citation

  • Fayaz Ahmad Lone, 2016. "Historical Development and Research Design," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Islamic Banks and Financial Institutions, chapter 2, pages 15-40, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-1-137-51566-7_2
    DOI: 10.1057/9781137515667_2
    as

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