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<p>European Central Bank, Occasional Paper No 146, June 2013</p>
<p>ABSTRACT</p>
<p>Islamic finance is based on ethical principles in line with Islamic religious law. Despite its low<br>
share of the global financial market, Islamic fi nance has been one of this sector&rsquo;s fastest growing<br>
components over the last decades and has gained further momentum in the wake of the financial<br>
crisis.</p>
<p>The paper examines the development of and possible prospects for Islamic finance, with a special<br>
focus on Europe. It compares Islamic and conventional finance, particularly as concerns risks<br>
associated with the operations of respective institutions, as well as corporate governance. The paper<br>
also analyses empirical evidence comparing Islamic and conventional financial institutions with<br>
regard to their: (i) efficiency and profitability; and (ii) stability and resilience. Finally, the paper<br>
considers the conduct of monetary policy in an Islamic banking context. This is not uncomplicated<br>
given the fact that interest rates &ndash; normally a cornerstone of monetary policy &ndash; are prohibited under<br>
Islamic finance. Liquidity management issues are thus discussed here, with particular reference to<br>
the euro area.</p>
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<p><a href="http://www.ecb.europa.eu/pub/pdf/scpops/ecbocp146.pdf" title="http://www.ecb.europa.eu/pub/pdf/scpops/ecbocp146.pdf">http://www.ecb.europa.eu/pub/pdf/scpops/ecbocp146.pdf</a></p>
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