This work is licensed under a Creative Commons Attribution 4.0 International License.
Development Stages and Trends of Islamic Finance in Global Practice
Corresponding Author(s) : Sherzod Ziyo Azamat o‘g‘li
American Journal of Economics and Business Management,
Vol. 8 No. 2 (2025): February
Abstract
This scientific article analyzes the development of Islamic finance in recent years. Through the analysis, it demonstrates the growing assets of Islamic finance and the increasing share of Islamic financial services, using descriptive statistical methods. Additionally, the position of the Islamic finance industry in the global financial services market is evaluated, and its development stages and distinctive features are identified. Factors and conditions influencing the development of Islamic finance have been studied. The article also examines key achievements in the scientific research conducted on this topic and discusses the perspectives on Islamic finance proposed in these studies.
Keywords
Download Citation
Endnote/Zotero/Mendeley (RIS)BibTeX
- A. Ismail, "The Islamic Financial Services Industry Statistics," [Online resource]. Available: https://www.qardus.com/news/the-islamic-financial-services-industry-statistics#:~:text=Currently%2C%20the%20Islamic%20finance%20sector,over%202.7%20trillion%20USD%20globally.
- Shavkat Mirziyoyev, "President of the Republic of Uzbekistan Shavkat Mirziyoyev's Address to the Oliy Majlis, 29.12.2020," [Electronic Source]. Available: https://president.uz/uz/lists/view/4057.
- J. Imam Nazarov, "The Economic, Social, and Political Importance of Implementing the Islamic Banking-Finance System in Uzbekistan," 01.06.2023. [Electronic Source]. Available: https://islommoliyasi.uz/uz/6612/.
- A. Khurshid, "Nature and Significance of Islamic Economics," in A. Ahmad and A. Awan, Eds., Lectures on Islamic Economics IRTI, Jeddah: Islamic Development Bank, 1992, pp. 19-48.
- S. M. Hasanuzzaman, "Definition of Islamic Economics," Journal of Research in Islamic Economics, vol. 1, no. 2, 1984, pp. 51-53.
- M. S. Khan, "Islamic Interest-Free Banking: A Theoretical Analysis," IMF Staff Papers, vol. 3, 1986, pp. 1-27.
- M. A. Mannan, "Islamic Economics as Social Science: Some Methodological Issues," Journal of Research in Islamic Economics, vol. 1, no. 2, 1983, pp. 41-50.
- R. Merton, "Financial Innovation and the Management and Regulation of Financial Institutions," Journal of Banking & Finance, vol. 19, 1995, pp. 461-481.
- M. N. Siddiqui, "History of Islamic Economic Thought," in A. Ahmed et al., Eds., Lectures on Islamic Economics IRTI, Jeddah: Islamic Development Bank, 1992, pp. 79-105.
- R. I. Bekkin, Islamic Finance in the Modern World: Economic and Legal Aspects, Moscow: Ummah, 2004, 238 p.
- W. Grais and Z. Iqbal, "Regulating Islamic Financial Institutions: The Nature of the Regulated," World Bank Policy Research Working Paper 3227, March 2004, 49 pp. [Online Resource]. Available: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=610268.
- Islamic Finance Development Report 2019: Shifting Dynamics, The Islamic Corporation for the Development of the Private Sector and Definitive, 102 p.
- Islamic Finance Market Business Outlook and Forecasting Trends to 2032, 124+ pages. [Online Resource]. Available: https://www.linkedin.com/pulse/islamic-finance-market-business-outlook-forecasting-hgcpe/.
- Islamic Finance Report. ICD – LSEG Islamic Finance Development Report 2023: Navigating Uncertainty, November 28, 2023. [Online Resource]. Available: https://solutions.lseg.com/IslamicFinance_ICD_LSEG.
- M. A. Tiby, Islamic Banking: How to Manage Risk and Improve Profitability, J. Wiley & Sons, 2010, 240 p.
References
A. Ismail, "The Islamic Financial Services Industry Statistics," [Online resource]. Available: https://www.qardus.com/news/the-islamic-financial-services-industry-statistics#:~:text=Currently%2C%20the%20Islamic%20finance%20sector,over%202.7%20trillion%20USD%20globally.
Shavkat Mirziyoyev, "President of the Republic of Uzbekistan Shavkat Mirziyoyev's Address to the Oliy Majlis, 29.12.2020," [Electronic Source]. Available: https://president.uz/uz/lists/view/4057.
J. Imam Nazarov, "The Economic, Social, and Political Importance of Implementing the Islamic Banking-Finance System in Uzbekistan," 01.06.2023. [Electronic Source]. Available: https://islommoliyasi.uz/uz/6612/.
A. Khurshid, "Nature and Significance of Islamic Economics," in A. Ahmad and A. Awan, Eds., Lectures on Islamic Economics IRTI, Jeddah: Islamic Development Bank, 1992, pp. 19-48.
S. M. Hasanuzzaman, "Definition of Islamic Economics," Journal of Research in Islamic Economics, vol. 1, no. 2, 1984, pp. 51-53.
M. S. Khan, "Islamic Interest-Free Banking: A Theoretical Analysis," IMF Staff Papers, vol. 3, 1986, pp. 1-27.
M. A. Mannan, "Islamic Economics as Social Science: Some Methodological Issues," Journal of Research in Islamic Economics, vol. 1, no. 2, 1983, pp. 41-50.
R. Merton, "Financial Innovation and the Management and Regulation of Financial Institutions," Journal of Banking & Finance, vol. 19, 1995, pp. 461-481.
M. N. Siddiqui, "History of Islamic Economic Thought," in A. Ahmed et al., Eds., Lectures on Islamic Economics IRTI, Jeddah: Islamic Development Bank, 1992, pp. 79-105.
R. I. Bekkin, Islamic Finance in the Modern World: Economic and Legal Aspects, Moscow: Ummah, 2004, 238 p.
W. Grais and Z. Iqbal, "Regulating Islamic Financial Institutions: The Nature of the Regulated," World Bank Policy Research Working Paper 3227, March 2004, 49 pp. [Online Resource]. Available: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=610268.
Islamic Finance Development Report 2019: Shifting Dynamics, The Islamic Corporation for the Development of the Private Sector and Definitive, 102 p.
Islamic Finance Market Business Outlook and Forecasting Trends to 2032, 124+ pages. [Online Resource]. Available: https://www.linkedin.com/pulse/islamic-finance-market-business-outlook-forecasting-hgcpe/.
Islamic Finance Report. ICD – LSEG Islamic Finance Development Report 2023: Navigating Uncertainty, November 28, 2023. [Online Resource]. Available: https://solutions.lseg.com/IslamicFinance_ICD_LSEG.
M. A. Tiby, Islamic Banking: How to Manage Risk and Improve Profitability, J. Wiley & Sons, 2010, 240 p.