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Description
Islamic banking, which is also known as interest free banking is no longer limited to Muslim countries alone but has spread to important finance centers in Europe, England, America and the Far East. Presently, there are more than 270 Islamic banks and financial institutions in over 75 countries having total assets in excess of $230 bn.
Islamic banking is one of the fastest growing areas of the international financial sector, with its share of assets in excess of $230 bn worldwide it is expected to register double digit growth in the coming decades. Today's Islamic banks boast of modern technology, a range of excellent products and highly qualified staff which is a complete spin off from their earlier image of old fashioned, inefficient institutions.
Islamic banking popularly referred to as interest free banking has been gaining increasing popularity. Islamic banks function on some basic principles which are called Shariah principles. They mainly operate on Profit and Loss Sharing (PLS) basis as Islam prohibits Muslims from taking and giving interest (riba) on any form of loan.
Islamic banking and finance which was once regarded as a highly specialized niche market has grown rapidly over the past three decades into a multi-billion dollar global industry. There are more than 270 Islamic banks and financial institutions existing in over 75 countries meeting the financial and theological needs of the global Muslim as well as non-Muslim community. Islamic banks, which were earlier used to provide simple Shariah compliant retail products are now not only participating in large scale corporate financing but are also into more complex wholesale transactions such as securitization and syndications. Conventional and Islamic banking players have recognized the need to combine resources to produce innovative products and services.
