| Islamic banking refers to a system of banking or banking activity that is consistent with Islamic law (Sharia’h) principles, called fiqh muamalat (Islamic rules on transactions), and guided by Islamic economics. Islamic banking is often thought to be financing the needs of the Muslim community alone but this notion, as it will be seen, is wrong.
With the rapid growth of the worldwide economy along with the expanding economy in the Islamic countries, Islamic banking is evolving to play a vital role in today’s global village..............................................Full Article: Source |