The outlook of Islamic financial model in globalization's conditions
In the modern system of world economic relations, the concept of the Islamic financial model begins to take increasingly strong positions in the world economy. The subject of research of the article is the features of development and forecasts of the Islamic financial model in the global economy. The goal is to study modern trends of the Islamic financial model’s development; identify the features of the existence of the Islamic economy in the context of the global world economic system; determine the forecasts for the development of the Islamic economic model in the global economy; determine the effectiveness of the Islamic financial model in the context of modern economic realities; the formation of mechanisms for solving challenges associated with the development of the islamic economic model. General scientific methods are used, such as modeling, analogy, deduction, induction, generalization, classification, observation, comparison, measurement, experimental methods of research, abstraction, aggregation, statistical, graphical, logical-theoretical, historical-logical, methods of analysis, synthesis, comparative analysis, and others. The following results were obtained: on the basis of the analysis of manuals, monographs, scientific articles of Ukrainian and foreign scientists, reports of well-known analytical companies, statistical materials of international European institutes and institutions of MENA countries and resources of the global Internet. Conclusions: lack of greater standardization in legal structures and interpretation of Sharia. This is crucial in order to turn the industry on a sustainable growth path. It is necessary to show the market how to achieve standardization by introducing standard structures, documentation or steps that emitters must pass to make batch release simpler and more effective. If standardization is to be achieved, there will be more time for stakeholders to innovate and create new Islamic finance instruments that will boost growth.
ANCA, C. Finanzas islámicas: ¿Cuál es el interés para Europa?, Documentos de Trabajo, 2014. – 232 p
Askari, H., Z. Iqbal and A. Mirakhor Introduction to Islamic Economics / H. Askari– Wiley: Singapur, 2015. – 144 p.
Boo, Y. L., Ee, M. S., Li, B., & Rashid, M. Islamic or conventional mutual funds: Who has the upper hand? Evidence from Malaysia. Pacific Basin Finance Journal, 2014. – 77 p.
Banks “Top 1000 World Banks 2016”. Database maintained by The Banker, 2016. – 44 p.
Belouafi, A. and A. Chachi, Islamic Finance in the United Kingdom: Factors Behind its Development and Growth, Islamic Economic Studies 22(1), 2014. – 37-78 pp.
Benali, F. «El futuro de la banca y las finanzas islámicas en Europa: Oportunidades y retos», Revista ICE, 2015. – 134 p.
Cynthia Shawamreh. The Legal Framework of Islamic Finance. Contemporary Islamic Finance, 2013. – 39-61 pp.
Dauda Momodu. “Legal Framework for Islamic Banking and Finance in Nigeria,” Electronic Journal of Islamic and Middle Eastern Law, Vol. 1, 2013. – 45 p.
Demirgüç-kunt, A., L. Klapper and d. Randall (2013). Islamic Finance and Financial Inclusion: Measuring Use of and Demand for Formal Financial Services among Muslim Adults, 2015. – 88 p.
Ernst & Young. Global Takaful Insights 2014: Market Updates. London: Ernst & Young 2014. – 67 p.
Enrique Gelbard, Mumtaz Hussain, Rodolfo Maino, Yibin Mu and Etienne B Yehoue, “Islamic Finance in Sub-Saharan Africa: Status and Prospects,” IMF Working Paper, 2014. – 94 p.
HM Treasury. Britain becomes the first country outside the Islamic world to issue sovereign Sukuk, Posted in Regulation and Compliance, 2014. – 67 p.
Islam, J., and Rahman, Z. Awareness and Willingness towards Islamic Banking among Muslims: An Indian Perspective. International Journal of Islamic and Middle Eastern Finance and Management, 2017. – 162 p.
IRTI “Sudan Islamic Finance,” Islamic Research and Training Institute, Islamic Development Bank, Jedda, 2016. – 166 p.
Lone, F. A. Islamic Banks and Financial Institutions: A Study of Their Objectives and Achievements. Springer, 2016. – 173 p.
Munawar Iqbal and Philip Molyneux/ Thirty Years of Islamic Banking History, Performance and Prospects – Islamic Economics Research Sentre – J. KAU: Islamic Econ. Vol 19. – No 1. – 2016. – 37-39 pp.
Shaban, M., Duygun, M., Anwar, M., Akbar, B. Diversification and banks’ willingness to lend to small businesses: evidence from Islamic and conventional banks in Indonesia. Journal of Economic Behavior & Organization, 2014. – 39-55 pp.
Saudi Arabian Monetary Agency, The Saudi Insurance Market Report, 2015. – 142 p.
Sidorov V.I., Babenko V.A., Petuhova V.O. The Forecasting of the Development of Integration Processes in the Global System of International Trade / Наука XXI века: актуальные направления развития : сб. науч. ст. IV Междунар. заоч. науч.-практ. конф., посвящ. 85-летию Самар. гос. экон. ун-та, 30 сент. 2016 г. [редкол.: Г.Р. Хасаев, С.И. Ашмарина (отв. ред.) и др.]. – Вып. 2 : в 2 ч. – Самара : Изд-во Самар. гос. экон. ун-та, 2016. – Ч. 2. – 248 с. – С. 159-161.
Sidorov M., Babenko V., Pasmor M., Pankova Ju. The place and perspectives of Ukraine in international integration space // Problems and Perspectives in Management. – 2017. – Volume 15, Issue 1. – P. 80-92. DOI 10.21511/ppm.15(1).2017.08
Babenko V., Sidorov V., Pankova Ju. Modern imperatives of the development of the integration of foreign economic policy of Ukraine in the modern world economic space: monograph / International economic relations and sustainable development : monograph / edited by Dr. of Economics, Prof. O. Prokopenko, Ph.D in Economics T. Kurbatova. – Ruda Śląska : Drukarnia i Studio Graficzne Omnidium, 2017. – 272 p. – P. 51-70.
Syniavska O., Babenko V. Analysis of the current state of development of electronic commerce market in Ukraine // Technology audit and production reserves. – Vol 5, Nо 4(43), 2018. – P. 40-45. DOI: https://doi.org/10.15587/2312-8372.2018.146341
World Bank, “Participation Finance,” Financial Sector Assessment Program (FSAP) Technical Note, Washington DC, 2016. – 177 p.
IFSB, (2016) “Islamic financial services industry stability report 2016”, Islamic Financial Services Board, Kuala Lumpur. [Електронний ресурс]. – Режим доступу: www.ifsb.org/docs/IFSI%20Stability%20Report%202016%20(final).pdf(assessed: 25.12.2017).
Taqi Usmani an Introduction to Islamic Finance by Shaykh Mufti. [Електронний ресурс]. – Режим доступу: http://muftitaqiusmani.com/en/books/PDF/An%20Introduction%20To%20Islamic%20Finance/An_Introduction%20_to_Islamic_Finance.pdf(assessed: 14.01.2018).
Wamir Iqbal. Challenges Facing Islamic Financial Industry 2014 [Електронний ресурс]. – Режим доступу: https://www.researchgate.net/publication/237755364_Challenges_Facing_Islamic_Financial_Industry(assessed: 02.02.2018).
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication of this work under the terms of a license Creative Commons Attribution License 4.0 International (CC BY 4.0).
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work.