Islamic Finance
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Islamic Finance

Principles and Practice, Third Edition

Hans Visser

In this extensively updated third edition, Hans Visser explores the ideas and concepts that drive and shape Islamic finance. This incisive book reviews the products, institutions and markets offered by Islamic finance in the modern marketplace, offering a critical discussion of the ways in which fiscal and monetary policy can be adapted to Islamic financial institutions. Visser offers new directions for economics and finance students, as well as students of Islamic finance and Islam studies more broadly.
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Chapter 6: Special sectors

Hans Visser

Abstract

In addition to banks, there are specialized financial institutions active in various fields of Islamic finance, in particular in insurance, real estate finance, portfolio investment and related activities, pensions and microfinance. An important institution furthermore has traditionally been the waqf (foundation). Waqfs, or awqaf, are undergoing a transformation and take up new roles. Other new phenomena are crowdfunding, with Islamic crowdfunding platforms active since roughly the mid-2010s, and Islamic digital currencies, making their appearance in the late 2010s. This chapter looks at the way these institutions function within the limits posed by the prevailing application of the sharia. The first sector is insurance, which is followed by Islamic home finance and its limitations, investment and waqf; furthermore Islamic pension funds, hedge funds, microfinance institutions, crowdfunding and digital currencies are briefly discussed.

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