GETTING REAL ABOUT ISLAMIC FINANCE

Citation:

Larry W. Beeferman and Dr Allan Wain. 5/2016. GETTING REAL ABOUT ISLAMIC FINANCE. Publisher's Version
GETTING REAL ABOUT ISLAMIC FINANCE

Abstract:

Despite the size of what has been termed the “Islamic Finance market” – currently in the range of $2 Trillion – and the expectation that it will, in coming years, continue to grow rapidly, many investors have little or no familiarity with it. Precisely what is meant by the phrase varies. It might be cast as finance, the understanding and practice of which is informed in some measure by “the Islamic narrative”; that is, accounts of the world and the place of people within and their relations to it drawn from the constellation of beliefs, commitments, and practices associated with Islam. The paper seeks to introduce investors to the potential relevance and significance of Islamic Finance for the decisions that they make. It does so through an exploration of views about the “real” in three related senses: prominent efforts, within the context of Western finance, to promote investment in so-called “real assets”; especially in the wake of the Global Financial Crisis, concern about “financialization,” particularly as it pertains to ideas about and the relationships between a so-called “real economy” and a/the financial sector or sphere; and the importance of notions of the “real” which are quite prominent in characterizations of the conceptual underpinnings for and the practice of Islamic finance.
Last updated on 12/04/2017