Islamic Financial Services in the United Kingdom

By Elaine Housby | Go to book overview

CONCLUSION

Before and after the recession

The rapid development in Islamic financial services in the United Kingdom took place during the first seven or eight years of the twenty-first century. While the subsequent global crisis in conventional banking brought the reputation of the industry to an all-time low, it has only increased interest in the Islamic financial sector, which has been perceived to be more stable. The tone of many articles written by Islamic bankers during the period of crisis is distinctly self-congratulatory. However, in harsh practical terms the Islamic sector has suffered too. This book has shown that many promising products have been withdrawn from the market in the face of economic recession and intense risk aversion. Periodic setbacks of this kind are inevitable. The real cause for concern is that the recurrent rhetoric about Islamic finance being more secure because it ‘does not create money out of nothing’ is often unexamined.

There are increasing worries about the scale of the Islamic sector’s exposure to a falling property market. Its promoters emphasise constantly that its strength lies in the fact that in Islamic contracts all finance is secured on a real underlying asset, but what if that real asset is losing value? The surge of activity in Islamic finance in the United Kingdom, particularly in the area of home purchase finance, was at least partly due to the assumption that property prices would carry on rising and that any form of finance secured on a house was virtually risk free. In that sense the Islamic sector’s analysis

-173-

Notes for this page

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this book

This book has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this book

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this page

Cited page

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited page

Bookmark this page
Islamic Financial Services in the United Kingdom
Table of contents

Table of contents

  • Title Page iii
  • Contents v
  • Foreword vi
  • Chapter 1 - Introduction 1
  • Chapter 2 - History of Islamic Financial Services in the United Kingdom 23
  • Chapter 3 - Personal Accounts 45
  • Chapter 4 - Personal Finance 65
  • Chapter 5 - Home Finance 81
  • Chapter 6 - Takaful 107
  • Chapter 7 - Investments and Wealth Management 121
  • Chapter 8 - Sukuk 141
  • Chapter 9 - Business Finance 157
  • Conclusion 173
  • Glossary and Abbreviation 193
  • Index 199
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this book

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen
/ 203

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Author Advanced search

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.