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Islamic Finance Development and Growth

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Chapter Summary

The growth of Islamic finance was largely organic and concentrated in countries where the Muslim population was significant. A recent empirical study examined the stability of Islamic banks during the subprime crisis. It has concluded that Islamic banks were less affected than their conventional peers. The study covered a sample of fourteen Islamic banks and fourteen conventional banks. The biggest activity in the Islamic capital market remains in the GCC countries and in Malaysia. The present study attempts to give a general overview of the capital market in the GCC countries due to its importance in any analysis of the development of the Islamic capital market. Bonds fulfill an important function in the economy. Bonds may be more predictable and stable than stocks. Recently, there have been some increasingly positive developments with a number of corporates opting for bond issuance instead of bank credit or internal funding.

Keywords:Bonds; Islamic banks; Islamic capital market; Islamic Finance; Malaysia



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