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Islamic Finance in Eurasia

The Need for Strategic Change

9781035308699 Edward Elgar Publishing

Studies in Islamic Finance, Accounting and Governance series

Edited by M. Kabir Hassan, Professor of Finance, Department of Economics and Finance, University of New Orleans, US, Paolo Biancone, Professor, Department of Management, University of Turin, Italy and Aishath Muneeza, Professor, School of Graduate and Professional Studies, INCEIF, Malaysia

Publication Date: 2024 ISBN: 978 1 03530 869 9 Extent: 358 pp

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Critical Acclaim

Contributors

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Providing a comprehensive account of the progress, potential and challenges facing Islamic finance in Eurasia, this prescient book explores Islamic finance’s history and development across the Asian and European continents and argues that in order for this market to continue to prosper, innovation and adaptation is a necessity.

Islamic Finance in Eurasia brings together a wealth of expert scholars, making a significant contribution to the emerging literature available on this topic. Chapters cover in depth the progress, potential, innovative practices and challenges of Islamic finance in Eurasia, analysing selected case studies from the region. This incisive book argues that sustainable and inclusive Islamic finance has the potential to promote economic growth, reduce poverty and increase financial independence.

Offering an extensive overview of the topic, this book will prove a highly beneficial read for students and researchers interested in understanding both the efficacies and challenges of adopting Islamic finance in this region. Islamic finance stakeholders, policymakers and regional standard setting bodies will also find this book an invaluable resource.

Critical Acclaim

‘It is hard to find books focusing on Islamic finance in Eurasia. I congratulate and commend the efforts of the publisher, editors and contributors of this book for compiling various important aspects of the development of Islamic finance in Eurasia which is not limited only to the developments; but potential and challenges as well.’
– Mansor Ibrahim, Deputy President, INCEIF University, Malaysia

‘Through this book we realise that irrespective of the faith convictions and the number of Muslims residing in a particular country or region, Islamic finance is essential to be developed for sustainable development. There is no doubt that today’s Islamic finance has gained momentum in the world as a proxy to conventional financing.’
– Mehmet Huseyin Bilgin, Professor of Economics, Istanbul Medeniyet University, Turkey

‘This book is a source of inspiration to realise the untapped potential of Islamic finance in Eurasia. Through this book it is easy to realise the exponential development of Islamic finance in Eurasia while understanding the significance of strategic leadership role as an essential ingredient for success. The selected case studies discussed in this book are useful to appreciate the innovative practices in Islamic finance.’
– Zamir Iqbal, Vice President of Finance, Islamic Development Bank, Saudi Arabia

Contributors

Contributors include: Abu Umar Faruq Ahmad, Omar Rehan Baig, Mohammed Soufiane Benmoussa, Saeed A. Bin-Nashwan, Cindhi Cintokowati, Rihab Grassa, M. Kabir Hassan, Salman Hasan, Madina Kalimullina, Maryam Khalid, Sherin Kunhibava, Erik Lesterhuis, Ismail Mohamed, Muath Mubarak, Aishath Muneeza, Zakariya Mustapha, Viktoriya Muzaffarov, Dony Perdana, Priyesta Rizkiningsih, Mouad Sadallah, Monsurat Ayojimi Salami, Shadman Shakib, Siti Nuraisyah Binti Mohammed Sulaiman, Randi Swandaru

Contents

Contents:

Foreword xv
Federica Miglietta
Acknowledgement xviii
Introduction to Islamic Finance in Eurasia 1
M. Kabir Hassan, Paolo Biancone and Aishath Muneeza

PART I PROGRESS OF ISLAMIC FINANCE IN EURASIA
1 The state of Islamic finance in Europe 7
Omar Rehan Baig, Aishath Muneeza, M. Kabir Hassan
and Paolo Biancone
2 Developments of Islamic Finance in Eastern Europe and
Caucasus Region 27
Madina Kalimullina
3 Islamic Finance in South Asian Association for Regional
Cooperation (SAARC) Countries 44
M. Kabir Hassan, Ismail Mohamed, Shadman Shakib,
Muath Mubarak, Aishath Muneeza and Paolo Biancone
4 The driving factors for the advance of Islamic finance in
Southern Europe 79
Monsurat Ayojimi Salami
5 Growth of Islamic finance in Northern Europe 101
Mouad Sadallah, Mohammed Soufiane Benmoussa and
Saeed A. Bin-Nashwan

PART II POTENTIAL OF ISLAMIC FINANCE IN EURASIA
6 Islamic finance and the demand for Islamic home
financing solutions within the Dutch Islamic consumer segment 129
Erik Lesterhuis, Aishath Muneeza and M. Kabir Hassan
7 Debt-free diminishing Musharaka home finance in the
United Kingdom: An empirical case study of primary finance 150
Salman Hasan and Abu Umar Faruq Ahmad
8 The role of multilateral organizations in the development
of Islamic finance in Asia 162
Priyesta Rizkiningsih, Cindhi Cintokowati,
Randi Swandaru, Aishath Muneeza and M. Kabir Hassan
9 The role of cash waqf in resolving the financing
challenges for human development 184
M. Kabir Hassan, Aishath Muneeza and Paolo Biancone
10 The role of sukuk in developing real estate projects 210
Aishath Muneeza, Sherin Kunhibava, M. Kabir Hassan
and Paolo Biancone

PART III INNOVATIVE ISLAMIC FINANCE
PRACTICES AND CHALLENGES
11 Financial Sustainability Challenges of Hajj Financial
Management Agency (BPKH) in Indonesia: What Really
Matters? 221
Dony Perdana, Saeed A. Bin-Nashwan, Aishath Muneeza
and M. Kabir Hassan
12 Challenges facing the development of Islamic finance in
Western Europe 250
Rihab Grassa
13 Challenges in establishing digital Islamic banks in Malaysia 262
Siti Nuraisyah Binti Mohammed Sulaiman and Aishath Muneeza
14 The challenges facing Islamic finance in Uzbekistan 283
Viktoriya Muzaffarova and Aishath Muneeza
15 Blockchain sukuk to assist financing challenges facing
microfinance in Indonesia 306
Sherin Kunhibava, Zakariya Mustapha, Maryam Khalid
and Aishath Muneeza

Index 323