Islamic finance at a crossroads Though Islamic finance is becoming the latest fashion in state-of-the-art research in economics, it is still quite a riddle to the uninitiated, and even amongst experts it is sometimes misconstrued. This survey of the history and the latest developments in Islamic Finance aims to assess its real place in a globalized financial system, to set straight several misconceptions, and to highlight some essential facts. Islamic finance is fundamentally heterogeneous and, even though it has its specificities, there are numerous « points of convergence » between « conventional » and Islamic finance. On the verge of reaching a critical mass, Islamic financial institutions are still facing some important problems and their future will depend on their capacity to take up these challenges. JEL classification : G20, O53
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