Islamic Finance in Eurasia

Edited by M. Kabir Hassan, Professor of Finance, Department of Economics and Finance, University of New Orleans, US, Paolo Biancone, Professor, Department of Management, University of Turin, Italy and Aishath Muneeza, Professor and Associate Dean, School of Graduate and Professional Studies and Associate Member, Centre of Excellence for Islamic Social Finance (CoE ISF), INCEIF University, Malaysia

• Contents:Foreword xvFederica MigliettaAcknowledgement xviiiIntroduction to Islamic Finance in Eurasia 1M. Kabir Hassan, Paolo Biancone and Aishath MuneezaPART I PROGRESS OF ISLAMIC FINANCE IN EURASIA1 The state of Islamic finance in Europe 7Omar Rehan Baig, Aishath Muneeza, M. Kabir Hassanand Paolo Biancone2 Developments of Islamic Finance in Eastern Europe andCaucasus Region 27Madina Kalimullina3 Islamic Finance in South Asian Association for RegionalCooperation (SAARC) Countries 44M. Kabir Hassan, Ismail Mohamed, Shadman Shakib,Muath Mubarak, Aishath Muneeza and Paolo Biancone4 The driving factors for the advance of Islamic finance inSouthern Europe 79Monsurat Ayojimi Salami5 Growth of Islamic finance in Northern Europe 101Mouad Sadallah, Mohammed Soufiane Benmoussa andSaeed A. Bin-NashwanPART II POTENTIAL OF ISLAMIC FINANCE IN EURASIA6 Islamic finance and the demand for Islamic homefinancing solutions within the Dutch Islamic consumer segment 129Erik Lesterhuis, Aishath Muneeza and M. Kabir Hassan7 Debt-free diminishing Musharaka home finance in theUnited Kingdom: An empirical case study of primary finance 150Salman Hasan and Abu Umar Faruq Ahmad8 The role of multilateral organizations in the developmentof Islamic finance in Asia 162Priyesta Rizkiningsih, Cindhi Cintokowati,Randi Swandaru, Aishath Muneeza and M. Kabir Hassan9 The role of cash waqf in resolving the financingchallenges for human development 184M. Kabir Hassan, Aishath Muneeza and Paolo Biancone10 The role of sukuk in developing real estate projects 210Aishath Muneeza, Sherin Kunhibava, M. Kabir Hassanand Paolo BianconePART III INNOVATIVE ISLAMIC FINANCEPRACTICES AND CHALLENGES11 Financial Sustainability Challenges of Hajj FinancialManagement Agency (BPKH) in Indonesia: What ReallyMatters? 221Dony Perdana, Saeed A. Bin-Nashwan, Aishath Muneezaand M. Kabir Hassan12 Challenges facing the development of Islamic finance inWestern Europe 250Rihab Grassa13 Challenges in establishing digital Islamic banks in Malaysia 262Siti Nuraisyah Binti Mohammed Sulaiman and Aishath Muneeza14 The challenges facing Islamic finance in Uzbekistan 283Viktoriya Muzaffarova and Aishath Muneeza15 Blockchain sukuk to assist financing challenges facingmicrofinance in Indonesia 306Sherin Kunhibava, Zakariya Mustapha, Maryam Khalidand Aishath MuneezaIndex 323

‘It is hard to find books focusing on Islamic finance in Eurasia. I congratulate and commend the efforts of the publisher, editors and contributors of this book for compiling various important aspects of the development of Islamic finance in Eurasia which is not limited only to the developments; but potential and challenges as well.’