The global perspective of Islamic finance and the potential for china to tap into the Islamic finance market
Joint Authors
Lal al-Din, Muhammad Akram
Jafri, Faris
Laallam, Abd al-Qadir
Source
Journal of Islamic Business and Management
Issue
Vol. 11, Issue 1 (30 Jun. 2021), pp.14-28, 15 p.
Publisher
Riphah International University Riphah Centre of Islamic Business
Publication Date
2021-06-30
Country of Publication
Pakistan
No. of Pages
15
Main Subjects
Financial and Accounting Sciences
Abstract EN
Purpose : Islamic finance is considered one of the fastest-growing segments of the global financial industry.
over the last four decades, Islamic finance has expanded globally to western and other non-Muslim countries.
this paper aims to explore the potential for china to tap into the Islamic finance market and the challenges that may face the implementation of Islamic finance there.
methodology : this study adopts a qualitative method of inquiry and utilizes the inductive method and content analysis to build comprehensive knowledge that would assist in exploring the significance and potential benefits that china may gain from the adoption of Islamic finance.
findings : the study reveals that china has a huge opportunity to capitalize on Islamic finance for economic development, particularly in the implementation of china’s belt and road initiative (BRI).
the paper also highlights the critical success factors for introducing Islamic finance in china, most importantly, political will.
genuine support from the government is needed for the effective introduction of Islamic finance in the country.
this support should be subsequently followed by the development of the legal framework, an amendment of the laws, broad publicity to raise public awareness, and effective collaboration with international organizations.
significance : to the best of the authors’ knowledge, this study is among the few which highlights the potential for china to tap into the Islamic finance market.
it is expected to contribute to enhancing the implementation and development of the belt and Road Initiative (BRI).
American Psychological Association (APA)
Jafri, Faris& Lal al-Din, Muhammad Akram& Laallam, Abd al-Qadir. 2021. The global perspective of Islamic finance and the potential for china to tap into the Islamic finance market. Journal of Islamic Business and Management،Vol. 11, no. 1, pp.14-28.
https://search.emarefa.net/detail/BIM-1429631
Modern Language Association (MLA)
Jafri, Faris…[et al.]. The global perspective of Islamic finance and the potential for china to tap into the Islamic finance market. Journal of Islamic Business and Management Vol. 11, no. 1 (2021), pp.14-28.
https://search.emarefa.net/detail/BIM-1429631
American Medical Association (AMA)
Jafri, Faris& Lal al-Din, Muhammad Akram& Laallam, Abd al-Qadir. The global perspective of Islamic finance and the potential for china to tap into the Islamic finance market. Journal of Islamic Business and Management. 2021. Vol. 11, no. 1, pp.14-28.
https://search.emarefa.net/detail/BIM-1429631
Data Type
Journal Articles
Language
English
Notes
Includes bibliographical references : p. 23-28.
Record ID
BIM-1429631