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Islamic Finance in the Global Economy$
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Ibrahim Warde

Print publication date: 2000

Print ISBN-13: 9780748612161

Published to Edinburgh Scholarship Online: March 2012

DOI: 10.3366/edinburgh/9780748612161.001.0001

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The Evolution of Modern Islamic Finance

The Evolution of Modern Islamic Finance

(p.70) 4 The Evolution of Modern Islamic Finance
Islamic Finance in the Global Economy

Ibrahim Warde

Edinburgh University Press

Modern Islamic finance started in the 1970s, its emergence driven largely by the oil boom. However, it was bound to be transformed by the collapse of oil prices in the 1980s, and by the changes in the global political and economic system. This chapter focuses on the evolution of modern Islamic finance, placing emphasis on three distinct stages: the early years (1975 to 91); the age of globalisation (1991 to 2001); and the post-September 11, 2001 period.

Keywords:   modern Islamic finance, oil boom, evolution, age of globalisation, post-September 11

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