Understanding the Nature and Market for Islamic Financial Products

DOI 10.14707/ajbr.150002

Farhana Newaz   Victoria University of Wellington, New Zealand
Revti Raman   Victoria University of Wellington, New Zealand
Kim-Shyan Fam   Victoria University of Wellington, New ZealandUniversity of South Carolina Aiken

Abstract

The rapid growth of Islamic finance during the last 10 years across regions for various Islamic Financial Products (IFPs) provides opportunities and challenges to managers and researchers. Muslims who constitute about one fourth of the world population constitute a huge potential markets for IFPs. IFPs are getting popular even among non-Muslims. The geographic distribution of IFPs is skewed to the Gulf and North African countries while Asia presents a huge untapped potential. The paper provides an understanding of the nature and market for IFPs which could be useful to managers and researchers to undertake their marketing and research endeavours.

Keywords: Islamic finance, Shariah-compliant products, Islamic Financial Market, Ethical finance