[DOWNLOAD] "Islamic Finance: The United Kingdom's Drive to Become the Global Islamic Finance Hub and the United States' Irrational Indifference to Islamic Finance." by Suffolk Transnational Law Review # eBook PDF Kindle ePub Free
eBook details
- Title: Islamic Finance: The United Kingdom's Drive to Become the Global Islamic Finance Hub and the United States' Irrational Indifference to Islamic Finance.
- Author : Suffolk Transnational Law Review
- Release Date : January 01, 2011
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 367 KB
Description
I. INTRODUCTION In the wake of September 11, 2001, Islamic finance has become synonymous with the concept of "terror financing" in the United States rather than an alternative approach to financing and banking. (1) The recent economic crash, which was fueled by practices prohibited in Islam, has led many outside of the United States to view Islamic finance as an alternative financing approach. (2) This change in perspective is causing Islamic finance to grow annually at a rate of fifteen to twenty percent since 2002. (3) In 2004, the United Kingdom signaled to the world its commitment to become the western hub of Islamic finance by granting approval to the Islamic Bank of Britain (IBB), the first retail Islamic bank in Europe, to operate in the United Kingdom. (4) The United States lags behind the United Kingdom in cultivating Islamic finance and thereby risks missing an opportunity to be a significant force in a consistently growing market that is estimated to be worth anywhere from $700 billion to $1.5 trillion. (5)