Research Article Open Access

The Role of Islamic Leading Organizations for the Promotion of Islamic Finance in Western Countries

Abstract

The majority of the literature related to Islamic finance in the Western world is country related. They only examine the role of Islamic finance in a respective country according to its Muslim population. I would like to gather all these studies and give a comprehensive overview of opportunities and challenges, such as assets and liabilities driven, securitization and spread, that Islamic financial institutions face in the world and identify the role of leading Islamic Organizations, such as Accounting and Auditing Organization for Islamic Financial Institutions, Islamic Financial Services Board, Islamic International Rating Agency, International Islamic Financial Market, International Islamic Liquidity Management Corporation and Shariah Boards for the promotion of Islamic finance in western countries. This study also investigated what regulatory measures required to Western world, in order for Islamic finance to thrive and prosper in the Western world not only for Muslim but also for non-Muslim consumers. Furthermore, all those institutional changes, which make the financial transactions prohibited, have to be taken into consideration by major Islamic banking and financial organizations, for the promotion of Islamic finance attractive to non-Muslim consumers and compatible with the conventional financial system in the Western world?

Shabbir MS, Rehman AK and Akhtar T

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