Islamic banking is gaining popularity across the world as the global financial turmoil seems to have had limited impact on it, according to recent media reports. The Islami banking system is based on Islamic Shari’ah and not on ‘predictions’ which give it the advantage of having less external shocks like the recent global financial meltdown.
The total GDP of the world is around $30 trillion where as the total credit market is $64 trillion. The gap is ‘prediction’. Islami finance industry has been in an expansionary phase in recent years and even the Vatican says banks should look at the rules of Islami finance to restore confidence among their clients at the time of global economic crisis………………………………………..Full Article: Source