Islamic finance. A solution for sustainable economic development of the Gulf Cooperation Council countries

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The publication “Islamic finance. A solution for sustainable economic development of the Gulf Cooperation Council countries” authored by Katarzyna Czupa was issued within the project “Let’s talk about Islamic finance” which aims to broaden the understanding of Islamic finance.

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The study analyses the problem of sustainable economic development of the Gulf Cooperation Council (GCC) countries. It focuses on the small and medium enterprises (SMEs), their development and use of financial instruments, especially Islamic financial instruments. It also discusses differences between Islamic and conventional theories of development. As it is proved, the GCC economies should not be perceived as truly and sustainably developed because they are based mainly on profits coming from oil and gas industry, which then are channelled through elaborated network of state-owned companies (SOEs). SMEs face many obstacles preventing development of their operations, e.g. financial exclusion. Taking into account the fact that religion plays a significant role in life of the Gulf inhabitants, Islamic finance, which is based on the prohibition of interest rate, may be used as a solution.

The book is available in a PDF format.


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