The Evolution of Modern Islamic Finance
The Evolution of Modern Islamic Finance
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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