Exploring linkages between availability of consumer credit and emerging Muslim consumers' habits Online publication date: Tue, 14-Aug-2018
by Shafiu Ibrahim Abdullahi
International Journal of Islamic Marketing and Branding (IJIMB), Vol. 3, No. 2, 2018
Abstract: In the past two decades, there seem to be a burgeoning growth in the percentage of consumer credits issued by Islamic banks to their clients. Non-financial Islamic firms are also not left behind in the issuance of consumer credit, taken into consideration the availability of various contract modes. A lot of the consumer finances issued by Islamic financial institutions ended up financing luxurious lifestyle of the rich Muslims' families while at the same time not providing much in the way of Qard Hasan (benevolence loan) to finance the business of the poor. Early contributors to Islamic economics envisaged a situation where profit and loss sharing (PLS) dominated Islamic financing but the practice of modern Islamic banking is short of that expectation. This work is an attempt to shade light on the links that exists between finance (credit availability), Muslims' consumption habits and firms' efforts to create market for their outputs.
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