文章基本信息

标题：Islamic finance in Europe
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作者：Filippo di Mauro ; Pierluigi Caristi ; Stéphane Couderc 等
期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2013
出版社：European Central Bank
摘要：Islamic fi nance is based on ethical principles in line with Islamic religious law. Despite its low share of the global fi nancial market, Islamic fi nance has been one of this sector’s fastest growing components over the last decades and has gained further momentum in the wake of the fi nancial crisis. The paper examines the development of and possible prospects for Islamic fi nance, with a special focus on Europe. It compares Islamic and conventional fi nance, particularly as concerns risks associated with the operations of respective institutions, as well as corporate governance. The paper also analyses empirical evidence comparing Islamic and conventional fi nancial institutions with regard to their: (i) effi ciency and profi tability; and (ii) stability and resilience. Finally, the paper considers the conduct of monetary policy in an Islamic banking context. This is not uncomplicated given the fact that interest rates – normally a cornerstone of monetary policy – are prohibited under Islamic fi nance. Liquidity management issues are thus discussed here, with particular reference to the euro area.
关键词：Islamic fi nance; central bank monetary policy and regulations; globalisation; fi nancial;institutions; fi nancing policy; corporate governance and culture; social responsibility