| From Indianexpress.com: Islamic banking has been gaining momentum after the recent global meltdown and many countries, including India, are opening their doors for it, an international Islamic banking expert said here. Islamic banking is based on the principle of profit-sharing, rather than charging interest.
"The current volume of Islamic banking is USD 1.2 trillion. It is very small and less than 1 per cent when compared to conventional banking, which is nearly USD 243 trillion. But this USD 1 trillion was achieved within 40 years. This is growing 15-20 per cent much faster than conventional banking," expert Madzlan Husain said.............................................Full Article: Source |