Islamic Finance Principles and Practice by Hans Visser pdf free download

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Islamic Finance Principles and Practice by Hans Visser pdf free download

Islamic Finance Principles and Practice by Hans Visser pdf free download. This book is about Islamic fi nance. It builds on an earlier booklet (Visser 2004) and explores the products and practices of Islamic fi nance against the background of its ideology, including the tensions that may arise between the ideology and the practices. Islamic fi nance is an especially interesting phenomenon because it presents itself as an alternative to conventional fi nance not only in Muslim countries but in the rest of the world as well, at times broadening its appeal to non-Muslims.

Islamic Finance Principles and Practice by Hans Visser pdf free download

In the aftermath of the fi rst oil crisis of 1973–74, which put large amounts of money into the hands of Middle Eastern investors, the fi rst full-fl edged Islamic bank, Dubai Islamic Bank, was founded in 1975. A good 30 years later we have hundreds of Islamic fi nancial institutions and specialized Islamic subsidiaries, in more than 75 countries. Exact fi gures are hard to get. Estimates of total
assets worldwide in mid-2006 ranged from $205 billion to $750 billion and observers quote annual growth fi gures of some 15 per cent (Tett 2006).1 The Banker’s listing of the ‘Top 500 Islamic Financial Institutions (TIFI)’ showed a growth rate of 29.7 per cent of sharia-compliant assets over 2006, reaching a total of $500 billion, with strong indications of serious underreporting (Timewell and Divanna 2007).

Islamic Finance Principles and Practice by Hans Visser pdf free download

Impressive as these fi gures may look at fi rst sight, they should be seen in proportion to the rest of the fi nancial industry. The biggest banks in the world each individually have a larger size than all Islamic fi nancial institutions together. Total assets of UBS of Switzerland alone amounted to $1533 billion in 2005, Citigroup came to $1484 billion and Mizuho Financial Group of Japan $1296 billion (Raphaeli 2006). Citigroup’s assets as per 31 March 2008 reached $2.2 trillion (National Information Center 2008), which means a growth rate of a similar order of magnitude as the 15 per cent often quoted for the Islamic fi nance industry, though admittedly far below the 2006 fi gure from The Banker.

Islamic Finance Principles and Practice by Hans Visser pdf free download

Islamic Finance Principles and Practice by Hans Visser pdf free download

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