Abstract
Finance and investment in accordance with Islamic Shariah Law have been on the rise worldwide. In addition to wealthy Muslim individuals in oil rich countries in the Middle East, the wealthy and middle class in countries with large Muslim populations such as Indonesia, India, Nigeria, Pakistan and Turkey are seeking Shariah-compliant securities in which to invest. Muslims represent about 22 per cent of the world population (July 2012 estimates in the CIA World Factbook) and therefore a large potential market even if currently many of them live in poverty in developing countries (See the GDP per capita column in Table 25.1). To keep matters in perspective, one must keep in mind that the vast majority of financial transactions in Islamic countries are conventional rather than Shariah-compliant transactions.
| Original language | English |
|---|---|
| Title of host publication | The Routledge Companion to Accounting, Reporting and Regulation |
| Subtitle of host publication | Accounting Regulation and IFRS in Islamic Countries |
| Editors | Carien van Mourik, Peter Walton |
| Chapter | 25 |
| Pages | 492-515 |
| Number of pages | 23 |
| ISBN (Electronic) | 9780203103203 |
| DOIs | |
| Publication status | Published - 1 Oct 2013 |
Bibliographical note
Publisher Copyright:© 2014 Carien van Mourik and Peter Walton.
Keywords
- Accounting
- accounting and accountability;
- Accounting conceptual frameworks
- IFRS
- Regulation
- Islamic Economics