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Islamic Finance: Opportunities, Challenges, and Policy Options
Author:
Mr. Alfred Kammer
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Mr. Mohamed Norat null

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Mr. Marco A. Piñón-Farah
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Mr. Ananthakrishnan Prasad
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Mr. Christopher M Towe
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Mr. Zeine Zeidane
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Series:
Staff Discussion Notes
Volume/Issue:
Volume 2015: Issue 005
Language:
English
Publication Date:
06 Apr 2015
DOI:
https://doi.org/10.5089/9781498325035.006
ISBN:
9781498325035
ISSN:
2617-6750
Pages:
38
Keywords:
SDN; Islamic bank; central bank; monetary policy; rate of return; credit risk; Islamic finance; Islamic banking; participation finance; financial regulations; Sukuk markets; infrastructure finance; financial inclusion; macroprudential policy; tax policy; public financial management; bank regulation; Deposit insurance; Islamic banking supervision; Global
Legal-disclaimer:
Staff Discussion Notes (SDNs) showcase policy-related analysis and research being developed by IMF staff members and are published to elicit comments and to encourage debate.The views expressed in this Policy Discussion Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy.
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The SDN discusses the main policy issues and challenges in building an inclusive and safe Islamic finance industry, with emphasis on Islamic banking and Sukuk markets. To this end, it discuses why Islamic finance matters, taking into account its recent and prospective growth; and, its potential contributions in terms of financial inclusion, support for small- and medium-sized enterprises and investment in public infrastructure and, in principle, reduced systemic risk. It then covers a range of regulatory and other challenges, and offers policy advice, to address factors that hamper the development of the industry and, more generally, the delivery of its potential benefits. The paper covers regulatory and supervisory issues, safety nets and resolution frameworks, access to finance, Sukuk markets, and macroeconomic policies.
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Cover Staff Discussion Notes
Staff Discussion Notes
ISSN:
2617-6750
Publisher:
International Monetary Fund