Emergence of the Islamic Finance Industry Part II

In addition to Islamic banking based on retail offerings, various financial institutions have emerged to respond to the ever-growing financial needs of the Muslim societies and to the hybrid products of the conventional financial markets. With the emergence of fintech, crowdfunding and Islamic social finance, new civil society business models entered the Islamic finance industry. Today, the Islamic finance industry consists of the following components: Islamic banks, Islamic capital markets; Islamic Insurance; non-bank Islamic financial institutions, Islamic fintech platforms; Islamic crowdfunding platforms; zakat funds; waqf funds, and Islamic charities involved in development projects.

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