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Islamic banking --- Islamic finance --- Islamic economics --- Islamic microfinance --- Islamic micro-economics --- Islamic macro-economics --- islamic banking --- islamic finance --- islamic economics --- islamic microfinance --- islamic micro-economics --- islamic macro-economics --- Islam --- Economics --- Finance --- Banks and banking --- Economic aspects --- Religious aspects

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Islamic finance is a fast growing activity in world markets. This paper provides a survey on Islamic Finance in SSA. Ongoing activities include Islamic banking, sukuk issuances (to finance infrastructure projects), Takaful (insurance), and microfinance. While not yet significant in most Sub-Saharan countries, several features make Islamic finance instruments relevant to the region, in particular the ability to foster SMEs and micro-credit activtities. As a first step, policy makers could introduce Islamic financing windows within the conventional system and facilitate sukuk issuance to tap foreign investors. The entrance of full-fleged Islamic banks require addressing systemic issues, and adapting the crisis management and resolution frameworks. The IMF can play a role by sharing international experiences and providing advice on supervisory and regulatory frameworks as needed.

Finance --- Investments --- Banks and Banking --- Islamic Banking and Finance --- Other Economic Systems: Public Economics --- Financial Economics --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Banking --- Islamic finance --- Islamic banking --- Financial services --- Banks and banking --- Islamic countries --- Malaysia

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Islamic economics --- Islamic Banking and Finance --- Islamic Social Finance --- Islamic Microfinance --- Islamic Macroeconomics --- Monetary Economics --- Economics --- Finance --- Funding --- Funds --- Currency question --- Economic theory --- Political economy --- Social sciences --- Economic man --- Economics. --- Finance. --- Islamic countries. --- Muslim countries --- islamic economics --- islamic banking and finance --- islamic social finance --- islamic microfinance --- islamic macroeconomics --- monetary economics

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Over the last decade, Islamic banking has experienced global growth rates of 10-15 percent per annum, and has been moving into an increasing number of conventional financial systems at such a rapid pace that Islamic financial institutions are present today in over 51 countries. Despite this consistent growth, many supervisory authorities and finance practitioners remain unfamiliar with the process by which Islamic banks are introduced into a conventional system. This paper attempts to shed some light in this area by describing the main phases in the process, and by flagging some of the main challenges that countries will face as Islamic banking develops alongside conventional institutions.

Banks and Banking --- Financial Risk Management --- Islamic Banking and Finance --- Other Economic Systems: Public Economics --- Financial Economics --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financial Institutions and Services: Government Policy and Regulation --- Banking --- Finance --- Economic & financial crises & disasters --- Islamic banking --- Islamic finance --- Commercial banks --- Deposit insurance --- Banks and banking --- Islamic countries --- Crisis management --- Malaysia --- Financial institutions

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Islam proposes the replacement of an interest-based financial system with one which operates on the basis of risk and profit sharing. Using a general equilibrium model, this paper investigates some open-economy implications of the adoption of Islamic banking for growth and stabilization of the economy. It analyzes the long-run effects of Islamic banking on international capital flows and on the economy’s capacity to adjust to disturbances. It concludes that monetary policy can be used effectively for stabilization purposes and that disturbances to asset positions are absorbed efficiently in an Islamic financial system.

Balance of payments --- Banking --- Banks and Banking --- Banks and banking --- Banks --- Commercial banks --- Current Account Adjustment --- Current account deficits --- Depository Institutions --- Exports and Imports --- Financial Economics --- Financial Instruments --- Institutional Investors --- International economics --- Investment & securities --- Investments: Stocks --- Islamic Banking and Finance --- Islamic banking --- Islamic countries --- Micro Finance Institutions --- Mortgages --- Non-bank Financial Institutions --- Other Economic Systems: Public Economics --- Pension Funds --- Short-term Capital Movements --- Stocks