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The rise of Islamic banking

The sector is worth billions of dollars a year and, according to some estimates, has grown by 20 percent in 2010.

December 29, 2010 2:41 by

Islamic banking has matured from a niche market into a mainstream industry over the last few years, and is currently still experiencing rapid growth. And it’s not only in Islamic countries; it’s also spreading and growing in countries such as Japan, Korea, Singapore, and Canada.

Islamic banking has almost the function of conventional banking systems except that Islamic banks make profit through trade rather than interest, which is against Islamic religious law.

Read more: Islamic finance: The next big thing

Source: Al Jazeera

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