Description
Book SynopsisProviding a comprehensive account of the progress, potential and challenges facing Islamic finance in Eurasia, this prescient book explores Islamic financeâs history and development across the Asian and European continents and argues that in order for this market to continue to prosper, innovation and adaptation is a necessity.
Trade Review‘It is hard to find books focusing on Islamic finance in Eurasia. I congratulate and commend the efforts of the publisher, editors and contributors of this book for compiling various important aspects of the development of Islamic finance in Eurasia which is not limited only to the developments; but potential and challenges as well.’ -- Mansor Ibrahim, Deputy President, INCEIF University, Malaysia
‘Through this book we realise that irrespective of the faith convictions and the number of Muslims residing in a particular country or region, Islamic finance is essential to be developed for sustainable development. There is no doubt that today’s Islamic finance has gained momentum in the world as a proxy to conventional financing.’ -- Mehmet Huseyin Bilgin, Professor of Economics, Istanbul Medeniyet University, Turkey
‘This book is a source of inspiration to realise the untapped potential of Islamic finance in Eurasia. Through this book it is easy to realise the exponential development of Islamic finance in Eurasia while understanding the significance of strategic leadership role as an essential ingredient for success. The selected case studies discussed in this book are useful to appreciate the innovative practices in Islamic finance.’ -- Zamir Iqbal, Vice President of Finance, Islamic Development Bank, Saudi Arabia
Table of ContentsContents: Foreword xv Federica Miglietta Acknowledgement xviii Introduction to Islamic Finance in Eurasia 1 M. Kabir Hassan, Paolo Biancone and Aishath Muneeza PART I PROGRESS OF ISLAMIC FINANCE IN EURASIA 1 The state of Islamic finance in Europe 7 Omar Rehan Baig, Aishath Muneeza, M. Kabir Hassan and Paolo Biancone 2 Developments of Islamic Finance in Eastern Europe and Caucasus Region 27 Madina Kalimullina 3 Islamic Finance in South Asian Association for Regional Cooperation (SAARC) Countries 44 M. Kabir Hassan, Ismail Mohamed, Shadman Shakib, Muath Mubarak, Aishath Muneeza and Paolo Biancone 4 The driving factors for the advance of Islamic finance in Southern Europe 79 Monsurat Ayojimi Salami 5 Growth of Islamic finance in Northern Europe 101 Mouad Sadallah, Mohammed Soufiane Benmoussa and Saeed A. Bin-Nashwan PART II POTENTIAL OF ISLAMIC FINANCE IN EURASIA 6 Islamic finance and the demand for Islamic home financing solutions within the Dutch Islamic consumer segment 129 Erik Lesterhuis, Aishath Muneeza and M. Kabir Hassan 7 Debt-free diminishing Musharaka home finance in the United Kingdom: An empirical case study of primary finance 150 Salman Hasan and Abu Umar Faruq Ahmad 8 The role of multilateral organizations in the development of Islamic finance in Asia 162 Priyesta Rizkiningsih, Cindhi Cintokowati, Randi Swandaru, Aishath Muneeza and M. Kabir Hassan 9 The role of cash waqf in resolving the financing challenges for human development 184 M. Kabir Hassan, Aishath Muneeza and Paolo Biancone 10 The role of sukuk in developing real estate projects 210 Aishath Muneeza, Sherin Kunhibava, M. Kabir Hassan and Paolo Biancone PART III INNOVATIVE ISLAMIC FINANCE PRACTICES AND CHALLENGES 11 Financial Sustainability Challenges of Hajj Financial Management Agency (BPKH) in Indonesia: What Really Matters? 221 Dony Perdana, Saeed A. Bin-Nashwan, Aishath Muneeza and M. Kabir Hassan 12 Challenges facing the development of Islamic finance in Western Europe 250 Rihab Grassa 13 Challenges in establishing digital Islamic banks in Malaysia 262 Siti Nuraisyah Binti Mohammed Sulaiman and Aishath Muneeza 14 The challenges facing Islamic finance in Uzbekistan 283 Viktoriya Muzaffarova and Aishath Muneeza 15 Blockchain sukuk to assist financing challenges facing microfinance in Indonesia 306 Sherin Kunhibava, Zakariya Mustapha, Maryam Khalid and Aishath Muneeza Index 323
