Business, Management and Accounting
4 years ago

Islamic finance revolutionizes GCC banking industry, shaping future financial landscapes.

LSE Research Online Documents on Economics
The development of Islamic finance in the GCC
Rodney Wilson

Paper Summary

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Islamic banking in the GCC has grown significantly since the establishment of the Dubai Islamic Bank in 1975. The industry now includes Islamic insurance, asset management, retail, and investment banking. Government policies have played a role in supporting this growth. Islamic banks in the region offer deposit facilities and various types of financing, such as trade finance, consumer credit, and real estate mortgages. They also issue and trade Islamic sukuk securities.