By Munawar Iqbal
Although the roots of Islamic finance lie in old Islamic ideas, the improvement of Islamic finance as an is comparatively new. while traditional advertisement banks supply monetary intermediation prone at the foundation of curiosity (charged and paid), the elemental premise of Islamic finance is the prohibition of curiosity. Islamic bankers have constructed a couple of tools which could practice monetary intermediation services with out the involvement of curiosity. From a small banking test in rural Egypt through the Nineteen Sixties, Islamic finance is presently increasing at a price of 10-15% every year. It now represents an enormous international perform and the popular channel of banking for one 5th of humanity.
Rapid development is anticipated for this and Islamic finance deals vibrant customers for these concerned. one of many purposes for this optimism is the large quantity of petro-dollars (estimated to be US$1.3 trillion) presently afloat as a result of the put up Iraq warfare elevate in oil costs. due to which, the variety of excessive web worthy participants within the center East (of whom the bulk are Muslim) has elevated via 9.5% during the last few years. for that reason there's super scope for constructing and advertising and marketing new Islamic monetary tools and Shari’ah compliant funds managers are super good positioned.
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A Guide to Islamic Finance by Munawar Iqbal