Settlement of Islamic finance disputes in the United Arab Emirates

The concept of Islamic finance was considered as a wishful dream almost three decades ago. Today, more than 300 Islamic financial institutions are operating around the globe. By 2020, Islamic finance assets are estimated to reach $3.2 trillion in value. Their clientele are not confined to citizens o...

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Main Authors:	Mohd. Zain, Nor Razinah, Hassan, Rusni
Other Authors:	Trakic, Adnan
Format:	Book Chapter
Language:	English
Published:	Routledge 2019
Subjects:	HG3368 Islamic Banking and Finance
Online Access:	http://irep.iium.edu.my/70063/ http://irep.iium.edu.my/70063/ http://irep.iium.edu.my/70063/1/70063%20-%20Settlement%20of%20Islamic%20finance%20disputes%20in%20the%20United%20Arab%20Emirates.pdf

id	iium-70063
recordtype	eprints
spelling	iium-700632020-01-30T00:33:29Z http://irep.iium.edu.my/70063/ Settlement of Islamic finance disputes in the United Arab Emirates Mohd. Zain, Nor Razinah Hassan, Rusni HG3368 Islamic Banking and Finance The concept of Islamic finance was considered as a wishful dream almost three decades ago. Today, more than 300 Islamic financial institutions are operating around the globe. By 2020, Islamic finance assets are estimated to reach $3.2 trillion in value. Their clientele are not confined to citizens of Muslim countries only, but are spread over Europe, the United States of America and the Far East. Muslims now have the opportunity to invest their financial resources in accordance with the ethics and philosophy of Islam. At the same time, Islamic finance offers an alternative for the customers of conventional finance. The first thorough studies devoted to the establishment of Islamic financial institutions (referred to hereafter as ‘Islamic Banks’) appeared in the 1940s. Although Muslim owned banks were established as early as in the 1920s and 1930s, they adopted similar practices to conventional banks. In the 1940s and 1950s, several experiments with small Islamic Banks were undertaken in Malaysia and Pakistan. The first great success was the establishment of an Islamic Bank in the Egyptian village of Mit Ghamr, in 1963. Other successes include the establishment of the Inter-Governmental Islamic Development Bank in Jeddah in 1975 and a number of Islamic Banks, such as the Dubai Islamic Bank, the Kuwait Finance House and the Bahrain Islamic Bank in the 1970s and 1980s. In South East Asia, Malaysia became the first country that introduced Islamic finance with the establishment of Bank Islam Malaysia Bhd. in 1983. Commercial banks have also realized the potential of this new field, and a number of major worldwide institutions have adopted Islamic banking and finance as a significant mechanism for diversified growth. Routledge Trakic, Adnan Benson, John Ahmed, Pervaiz K 2019-02-05 Book Chapter PeerReviewed application/pdf en http://irep.iium.edu.my/70063/1/70063%20-%20Settlement%20of%20Islamic%20finance%20disputes%20in%20the%20United%20Arab%20Emirates.pdf Mohd. Zain, Nor Razinah and Hassan, Rusni (2019) Settlement of Islamic finance disputes in the United Arab Emirates. In: Dispute resolution in Islamic Finance: alternatives to litigation? Routledge, New York, pp. 136-158. ISBN 978-0-8153-9331-3 https://www.taylorfrancis.com/books/e/9781351188913/chapters/10.4324/9781351188913-8
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English
topic	HG3368 Islamic Banking and Finance
spellingShingle	HG3368 Islamic Banking and Finance Mohd. Zain, Nor Razinah Hassan, Rusni Settlement of Islamic finance disputes in the United Arab Emirates
description	The concept of Islamic finance was considered as a wishful dream almost three decades ago. Today, more than 300 Islamic financial institutions are operating around the globe. By 2020, Islamic finance assets are estimated to reach $3.2 trillion in value. Their clientele are not confined to citizens of Muslim countries only, but are spread over Europe, the United States of America and the Far East. Muslims now have the opportunity to invest their financial resources in accordance with the ethics and philosophy of Islam. At the same time, Islamic finance offers an alternative for the customers of conventional finance. The first thorough studies devoted to the establishment of Islamic financial institutions (referred to hereafter as ‘Islamic Banks’) appeared in the 1940s. Although Muslim owned banks were established as early as in the 1920s and 1930s, they adopted similar practices to conventional banks. In the 1940s and 1950s, several experiments with small Islamic Banks were undertaken in Malaysia and Pakistan. The first great success was the establishment of an Islamic Bank in the Egyptian village of Mit Ghamr, in 1963. Other successes include the establishment of the Inter-Governmental Islamic Development Bank in Jeddah in 1975 and a number of Islamic Banks, such as the Dubai Islamic Bank, the Kuwait Finance House and the Bahrain Islamic Bank in the 1970s and 1980s. In South East Asia, Malaysia became the first country that introduced Islamic finance with the establishment of Bank Islam Malaysia Bhd. in 1983. Commercial banks have also realized the potential of this new field, and a number of major worldwide institutions have adopted Islamic banking and finance as a significant mechanism for diversified growth.
author2	Trakic, Adnan
author_facet	Trakic, Adnan Mohd. Zain, Nor Razinah Hassan, Rusni
format	Book Chapter
author	Mohd. Zain, Nor Razinah Hassan, Rusni
author_sort	Mohd. Zain, Nor Razinah
title	Settlement of Islamic finance disputes in the United Arab Emirates
title_short	Settlement of Islamic finance disputes in the United Arab Emirates
title_full	Settlement of Islamic finance disputes in the United Arab Emirates
title_fullStr	Settlement of Islamic finance disputes in the United Arab Emirates
title_full_unstemmed	Settlement of Islamic finance disputes in the United Arab Emirates
title_sort	settlement of islamic finance disputes in the united arab emirates
publisher	Routledge
publishDate	2019
url	http://irep.iium.edu.my/70063/ http://irep.iium.edu.my/70063/ http://irep.iium.edu.my/70063/1/70063%20-%20Settlement%20of%20Islamic%20finance%20disputes%20in%20the%20United%20Arab%20Emirates.pdf
first_indexed	2023-09-18T21:39:28Z
last_indexed	2023-09-18T21:39:28Z
_version_	1777413042438406144

Settlement of Islamic finance disputes in the United Arab Emirates

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