By Munawar Iqbal
Although the roots of Islamic finance lie in historic Islamic rules, the improvement of Islamic finance as an is comparatively new. when traditional advertisement banks supply monetary intermediation companies at the foundation of curiosity (charged and paid), the fundamental premise of Islamic finance is the prohibition of curiosity. Islamic bankers have constructed a couple of tools which could practice monetary intermediation capabilities 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 fee of 10-15% every year. It now represents an unlimited international perform and the popular channel of banking for one 5th of humanity.
Rapid development is predicted for this and Islamic finance bargains shiny clients for these concerned. one of many purposes for this optimism is the large quantity of petro-dollars (estimated to be US$1.3 trillion) at present afloat because of the submit Iraq warfare elevate in oil costs. due to which, the variety of excessive web worthy members within the heart East (of whom the bulk are Muslim) has elevated via 9.5% over the last few years. therefore there's super scope for constructing and advertising 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
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