Islamic Finance: Institutions, Industry, Governance

Islamic Financial Services Industry (IFSI)

The 2nd chapter, "Islamic Financial Services Industry (IFSI)," from the book "Islamic Finance: Institutions, Industry, Governance," dives into the intricate world of the Islamic Financial Services Industry (IFSI), exploring its evolution from a concept rooted in Shari'ah principles to a globally recognized and rapidly expanding sector. It examines the multifaceted landscape of Islamic Financial Institutions (IFIs), analyzing their diverse forms, functions, and formation processes. It serves as a foundational guide for readers seeking to understand the complexities and intricacies of the dynamic and ever-evolving Islamic Financial Services Industry (IFSI).

The IFSI, driven by a commitment to ethical and socially responsible finance, offers a unique approach to financial services that aligns with Islamic values. This chapter dissects the key components of the IFSI, including its diverse range of institutions, from knowledge-centric research centers to retail banks catering to individual needs. It explores how these institutions contribute to financial inclusion and address the misconceptions surrounding Islamic finance, showcasing its potential to cater to diverse financial needs within permissible limits.

Here, the chapter examines the various sectors within the IFSI, including Islamic banking, capital markets, takaful (Islamic insurance), and Islamic fintech. This analysis provides valuable insights into the unique characteristics, growth drivers, and challenges facing each sector, contributing to a deeper understanding of the IFSI's multifaceted nature.

By analyzing the formation process of IFIs, including their transition from conventional to Islamic models, this chapter aims to provide a comprehensive understanding of the foundational principles and operational realities of the IFSI.

Furthermore, it examines the crucial role of ancillary and indirect stakeholders, such as academics, media houses, awarding organizations, and event management organizations, in shaping the industry's growth and ensuring its adherence to Islamic principles.

Finally, the chapter concludes by analyzing the future outlook for the IFSI, considering key growth factors, emerging trends, and the challenges that lie ahead.

This chapter aims to provide a comprehensive and insightful overview of the IFSI, equipping readers with a deeper understanding of this dynamic and evolving sector and opening new horizons for further research and exploration.

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Islamic Finance: Institutions, Industry, Governance

Islamic Finance: Institutions, Industry, Governance

 

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