IMF investigates spread of Islamic finance

Income per capita, share of Muslims in the population and status as an oil producer are linked to the development of Islamic banking, as are economic integration with Middle Eastern countries and proximity to Islamic financial centres, research published by the IMF in August finds.

Interest rates have a negative impact on Islamic banking, reflecting the implicit benchmark for Islamic banks. The quality of institutions does not matter, possibly as the often higher hurdle set by Shari'ah law

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