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April 18, 2014 | Jumada Al-Thani 17, 1435
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IslamiCity > Business & Finance > IC Finance > Islamic Banking
 Welcome to IC Finance Information & Services

 O ye who believe! Devour not usury, doubled and multiplied; but fear Allah.
that ye may (really) prosper. Qur'an 3:130 (Arabic) - Recite  


Islamic Banking


Evolution | Rationale | Anatomy | Literature: Theory 
 Literature: Practice | Conclusion | Glossary  
Appendix: Islamic Financial Institutions
| References


Introduction

Islamic banking is a new phenomenon that has taken many observers by surprise. The whole banking system has been Islamized in both Iran and Pakistan. In addition, there are some thirty Islamic banks in operation in other parts of the globe, including the Jeddah-based Islamic Development Bank (IDB), but excluding numerous non-bank Islamic financial institutions (see Appendix). What is more, the speed with which Islamic banks have sprung up and the rate at which they have progressed make it worthwhile to study them systematically. An attempt is made in this paper (a) to survey the growing literature on Islamic banking, in particular (b) to trace the growth and development of Islamic banking, and (c) to highlight its salient characteristics.

Courtesy of Mohamed Ariff, University of Malaya


 

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