Chapter 8: The role of multilateral organizations in the development of Islamic finance in Asia
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Islamic finance rose significantly after World War II, with the independence of many Muslim- populated countries in Asia and Africa. The trajectory started with a pilot project called Mit Ghamr Bank in Egypt in 1963, followed by Dubai Islamic Bank’s enactment in 1975. Noticing the potential of Islamic finance, many multilateral organizations now embrace Islamic finance to achieve shared goals. The emerging Islamic financial institutions and their increasing financing volume have triggered significant awareness for the Muslim community to develop standards for Shari’ah transactions, governance, ethics, and many more. Thus, several multilateral organizations have emerged to shape a sound Islamic financial system and aim for wider prosperity and justice.

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