| Non-Interest (Islamic) banking may be seen as a recent financial system improvised as alternative to tackle the turmoil inherent in conventional banking system.
However, there were earliest references which suggest that Islamic banking came into the picture first in Egypt in 1963. This pioneering effort was achieved by Ahmad El Najjar who brought the idea into existence, whose key principle was profit sharing (non-interest based philosophy of Shariah)..............................................Full Article: Source
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