The development of offshore financial centres for Islamic finance in the Gulf Cooperation Council: competitive positions and challenges
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Wealth in the Gulf Cooperation Council (GCC) has mostly been fuelled by oil and gas revenues. These petrodollar flows have been increasing over the long term particularly with the rising oil prices. Based on average crude oil prices of USD 70 per barrel, it is estimated that the amount of oil revenue profits of the six GCC states - Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE) - will tripple over the next 14 years (Farrell, 2005). How the GCC deploys this increasing wealth is of high interest to the world. Historically, the GCC has relied on the financial markets of the United States and Europe to manage their investments.
Offshore Financial Centres (OFCs) , Islamic finance , Gulf Cooperation Council (GCC) , Islamic financial services
Sairally, Beebee Salma and Muhammad, Marjan and Hasan, Shabana. (2015). The development of offshore financial centres for Islamic finance in the Gulf Cooperation Council: competitive positions and challenges. In Mehmet Asutay & Abdullah Q. Turkistani (Eds.), Islamic finance: political economy, values and innovation (pp. 133-166). Berlin, Germany: Gerlach Press.