| For so many reasons, Islamic banking is growing at a fast pace around the world. It is asserting itself as a key player in the global financial system. In 2011, for instance, Islamic banking worldwide assets grew by 19 percent to $1.3 trillion. Altogether, Islamic banking worldwide increased profit-making by 15 percent during that period.
The first private Islamic bank, the Dubai Islamic Bank, was set up in 1975 by a group of Muslim businessmen from several countries. Two more private banks were founded in 1977 under the name of Faisal Islamic Bank in Egypt and Sudan. In the same year, the Kuwaiti government set up the Kuwait Finance House. Since then, Islamic banking has grown steadily...............................................Full Article: Source
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