The Islamic Banking - The Interest Free Banking
The Islamic Banking - The Interest Free Banking
Author(s): Sorina BotișSubject(s): Supranational / Global Economy, Islam studies, Financial Markets
Published by: Editura Universitaria Craiova
Keywords: Islamic banking; fully Sharia-compliant bank; conventional bank; Sharia-compliant assets; Islamic window; Islamic banking products and services;
Summary/Abstract: The article provides an overview of the Islamic banking as a system of banking that is consistent with the principles of the Sharia law which prohibits the payment or acceptance of interest (“riba”) and speculative behavior. The Islamic banking industry has great potential for global expansion in order to continue its growth, with a growth rate of 25%-30% over the past five years, nearly double the growth rate of conventional banking. The largest centers for Islamic finance remain concentrated in Middle East but the Islamic banking is not limited to the Arab world. The UK as well as other Western European countries offers great opportunities to Islamic banking development, due to its largest Muslim community.
Journal: Revista tinerilor economişti
- Issue Year: 2013
- Issue No: 21
- Page Range: 18-25
- Page Count: 8
- Language: English