Proceedings of the 5th International Conference on Economics, Management, Law and Education (EMLE 2019)

Islamic Banking in the Global Financial System: Current Situation and Global Environment

Authors
Vladimir Novikov, Elena Britikova, Elena Yarushkina, Lydia Kovalenko
Corresponding Author
Vladimir Novikov
Available Online 7 January 2020.
DOI
https://doi.org/10.2991/aebmr.k.191225.025How to use a DOI?
Keywords
Islamic banks, banking products, Islamic banks assets, the global financial market, banking
Abstract
It happens with ever-increasing frequency that the modern world financial system, based on the theories and practices by Western economists, malfunctions and results in global crises. In this regard, the USA and European economists themselves doubt this system’s universality and applicability to all the countries of the world. Until recently, the Islamic economic theory excited nothing more than just academic interest among a limited circle of scientists in the Western world. Nevertheless, under the conditions of today, the Islamic economic model, its structure and mechanisms is a topical subject, as the rise in the gross national product and economic upturn are now observable only in the PRC and Islamic countries. The world economic system has entered and is going through a new stage of development, where the consequences in the globalizing world economy are hard to predict. The system is characterized with growing instability, as it is mostly dependent upon one country — the USA. In the modern economic space, the Islamic economy in general and its banking system in particular are becoming more relevant, as the developed financial situation makes more and more economists and politicians concerned about finding new principles and tools. In some Western countries, such as the United States and the United Kingdom, Islamic banks have become remarkably widespread.
Open Access
This is an open access article distributed under the CC BY-NC license.

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TY  - CONF
AU  - Vladimir Novikov
AU  - Elena Britikova
AU  - Elena Yarushkina
AU  - Lydia Kovalenko
PY  - 2020
DA  - 2020/01/07
TI  - Islamic Banking in the Global Financial System: Current Situation and Global Environment
BT  - Proceedings of the 5th International Conference on Economics, Management, Law and Education (EMLE 2019)
PB  - Atlantis Press
SP  - 138
EP  - 143
SN  - 2352-5428
UR  - https://doi.org/10.2991/aebmr.k.191225.025
DO  - https://doi.org/10.2991/aebmr.k.191225.025
ID  - Novikov2020
ER  -