According to a financial market study by Financial-Insight - Islamic banking is fast growing in Asia and shows potentials to outmatch services offered by the conventional banking systems across the world.
The study mentions that Islamic banking has effectively established itself in Malaysia – and Indonesia, Pakistan, Thailand and Singapore are also among the countries actively promoting Islamic finance.
Islamic Shari’ah-compliant Islamic banking operates by sharing profit or loss between the bank and its clients, instead of interest, which is forbidden. Islam forbids Muslims from receiving or paying interest on loans. Islamic banks do not invest in companies associated with tobacco, alcohol or gambling, all prohibited under Islam.
Financial Insights: - Strategic Financial Technology Research and Analysis
5th July 2007, 20:58
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