Publication:
Islamic finance in South Asian Association for Regional Cooperation (SAARC) Countries
Abstract
Research and innovation are crucial for the progress of the Islamic economy and finance, as they provide the foundation for its growth and long-term sustainability. Engaging in ongoing research, creates novel financial solutions that not only adhere to Shariah principles but effectively cater to the specific requirements of various markets and stakeholders in Muslim countries. This innovation is essential for the expansion of Islamic finance, as it guarantees accessibility to all sectors of society, including those who are unserved and underserved. Research also plays a crucial role in developing maqasid-driven financial solutions that
promote financial inclusion and empower individuals and communities. By optimizing research and fostering innovation, Islamic finance has the potential to adapt and address contemporary difficulties while adhering steadfastly to its ethical and social justice values. Furthermore, research plays a pivotal role in the establishment of a strong regulatory framework that promotes the expansion of Islamic finance, guaranteeing its durability and stability. This is the process of establishing uniform standards across many countries, which enables more seamless transactions across borders and enhances the worldwide influence of Islamic finance. Research and innovation enhance the inclusivity and resilience of Islamic financial sectors, aligning them with the Islamic worldview that helps understand the universe, people, and their connection with Allah and serve as guidance on morality, social interactions, and influence our behaviour and decision-making. Islamic finance may contribute significantly to the sustainable development of Muslim nations by advocating for ethical investment, environmental stewardship, and social justice.
Keywords
The Organization of Islamic Cooperation (OIC) , Islamic economics , Islamic finance , Research , Innovation
Citation
Bouheraoua, S. (2024). Contribution of the OIC to advancing research and innovation in Islamic economics and finance: Current status and challenges. In B. Turan, C. Gurel, M. Asutay, M. Ozdemir, & E. A. M. Cherif (Eds.), 40th Anniversary Special Edition (pp. 210-223).
Publisher
COMCEC Coordination Office
DOI
Files
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