Islamic finance in China: current landscape and future forward
China’s foreign trade has gradually lost its advantage due to continuous rise of RMB exchange rate and the labor costs in recent years. China urgently needs to explore new international trade markets to reinvigorate its foreign trade. With the recent development strategy of “One Belt One Road”, Chin...
Saved in:
Main Authors: | , , , |
---|---|
Format: | Article |
Published: |
Universiti Sains Islam Malaysia
2022
|
Online Access: | http://psasir.upm.edu.my/id/eprint/102014/ https://jmifr.usim.edu.my/index.php/jmifr/article/view/464 |
Tags: |
Add Tag
No Tags, Be the first to tag this record!
|
id |
my.upm.eprints.102014 |
---|---|
record_format |
eprints |
spelling |
my.upm.eprints.1020142023-09-22T23:54:25Z http://psasir.upm.edu.my/id/eprint/102014/ Islamic finance in China: current landscape and future forward Hao, Yan Haji Yahya, Mohamed Hisham Latip, Malisah Ali, Muhammad Hafiz China’s foreign trade has gradually lost its advantage due to continuous rise of RMB exchange rate and the labor costs in recent years. China urgently needs to explore new international trade markets to reinvigorate its foreign trade. With the recent development strategy of “One Belt One Road”, China should seize this opportunity to develop Islamic finance since most countries along the routes are Islamic countries. Islamic finance differs from traditional finance in its principles, development, products, operations, and regulation. The purpose of this article is to examine Chinese views on Islamic finance. The study conducted a survey through questionnaire. The findings show that the most ideal area to develop Islamic finance is in China’s northwest region due to its cultural advantages. The survey records that respondents’ reluctance towards Islamic finance mainly due to the absence of legal system and financial regulations for Islamic finance in China. Moreover, lack of talents in Islamic finance is also a major concern based on the survey. The study believes that the development of Islamic finance is conducive to the sound development of China’s financial system. It strengthens economic and trade cooperation with the Islamic world, enhances the ability to attract investment, and promotes harmonious economic development of ethnic minority areas. Universiti Sains Islam Malaysia 2022-12-01 Article PeerReviewed Hao, Yan and Haji Yahya, Mohamed Hisham and Latip, Malisah and Ali, Muhammad Hafiz (2022) Islamic finance in China: current landscape and future forward. The Journal of Muamalat and Islamic Finance Research, 19 (2). pp. 88-101. ISSN 1823-075X; ESSN: 2948-5266 https://jmifr.usim.edu.my/index.php/jmifr/article/view/464 10.33102/jmifr.v19i2.464 |
institution |
Universiti Putra Malaysia |
building |
UPM Library |
collection |
Institutional Repository |
continent |
Asia |
country |
Malaysia |
content_provider |
Universiti Putra Malaysia |
content_source |
UPM Institutional Repository |
url_provider |
http://psasir.upm.edu.my/ |
description |
China’s foreign trade has gradually lost its advantage due to continuous rise of RMB exchange rate and the labor costs in recent years. China urgently needs to explore new international trade markets to reinvigorate its foreign trade. With the recent development strategy of “One Belt One Road”, China should seize this opportunity to develop Islamic finance since most countries along the routes are Islamic countries. Islamic finance differs from traditional finance in its principles, development, products, operations, and regulation. The purpose of this article is to examine Chinese views on Islamic finance. The study conducted a survey through questionnaire. The findings show that the most ideal area to develop Islamic finance is in China’s northwest region due to its cultural advantages. The survey records that respondents’ reluctance towards Islamic finance mainly due to the absence of legal system and financial regulations for Islamic finance in China. Moreover, lack of talents in Islamic finance is also a major concern based on the survey. The study believes that the development of Islamic finance is conducive to the sound development of China’s financial system. It strengthens economic and trade cooperation with the Islamic world, enhances the ability to attract investment, and promotes harmonious economic development of ethnic minority areas. |
format |
Article |
author |
Hao, Yan Haji Yahya, Mohamed Hisham Latip, Malisah Ali, Muhammad Hafiz |
spellingShingle |
Hao, Yan Haji Yahya, Mohamed Hisham Latip, Malisah Ali, Muhammad Hafiz Islamic finance in China: current landscape and future forward |
author_facet |
Hao, Yan Haji Yahya, Mohamed Hisham Latip, Malisah Ali, Muhammad Hafiz |
author_sort |
Hao, Yan |
title |
Islamic finance in China: current landscape and future forward |
title_short |
Islamic finance in China: current landscape and future forward |
title_full |
Islamic finance in China: current landscape and future forward |
title_fullStr |
Islamic finance in China: current landscape and future forward |
title_full_unstemmed |
Islamic finance in China: current landscape and future forward |
title_sort |
islamic finance in china: current landscape and future forward |
publisher |
Universiti Sains Islam Malaysia |
publishDate |
2022 |
url |
http://psasir.upm.edu.my/id/eprint/102014/ https://jmifr.usim.edu.my/index.php/jmifr/article/view/464 |
_version_ |
1781706712393187328 |
score |
13.18916 |