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Finance and Development in Muslim Economies

Ebrahim, M.S.; Molyneux, P.; Ongena, S.

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Authors

P. Molyneux

S. Ongena



Abstract

The recent trend in the Muslim world towards reinforcing their cultural (i.e., religious) values on their economic policies and institutions has resulted in a roughly $2 trillion Islamic financial services industry. This industry is quite resilient and growing at a large rate even at a time when conventional banks were failing in the recent financial crisis. Financial systems play a vital role in advancing intermediation by mitigating market frictions, facilitating efficient investment decisions, allocating scarce capital and conveying financial transactions. This, in turn, stimulates capital accumulation decisions and technological innovation that are crucial in delineating a nation’s long-term economic path. A conference was held in Bangor University, Gwynedd, North Wales on September 15, 2014, to critically examine the Islamic financial services industry under the aegis of Bangor University and the Islamic Research and Training Institute (IRTI) of the Islamic Development Bank. The four high-quality papers presented at the conference are featured in this Special Issue of the Journal of Financial Services Research (JFSR). They are categorized into two groups. The first group comprises of a paper studying moral obligations and a firm’s engagement in ethical activities. The remaining three papers study the risk of Islamic banks vis-à-vis conventional banks. These are described below.

Citation

Ebrahim, M., Molyneux, P., & Ongena, S. (2017). Finance and Development in Muslim Economies. Journal of Financial Services Research, 51(2), 165-167. https://doi.org/10.1007/s10693-017-0273-6

Journal Article Type Article
Acceptance Date Jan 31, 2017
Online Publication Date Feb 16, 2017
Publication Date Apr 1, 2017
Deposit Date Feb 7, 2017
Publicly Available Date Mar 28, 2024
Journal Journal of Financial Services Research
Print ISSN 0920-8550
Electronic ISSN 1573-0735
Publisher Springer
Peer Reviewed Peer Reviewed
Volume 51
Issue 2
Pages 165-167
DOI https://doi.org/10.1007/s10693-017-0273-6
Public URL https://durham-repository.worktribe.com/output/1394941

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