Islamic Banking or Shariah Finance, a 15-20 year old industry, is surging in the past 3-4 years in financial capitals of the world like London over and above Islamic geographies like Indonesia, Malaysia and Middle East countries.
Islamic Finance is growing at a rapid pace of 15-20% per annum globally, currently estimated to be worth approximately USD $ 400 Billion today.
Islamic banking is guided by Islamic law. The heart of the system is the prohibition of collecting interest.
Islamic banking is expanding beyond Arab and Muslim countries. According to a study by the International Monetary Fund, the number of Islamic institutions rose from 75 in 1975 to over 300 in 2005, in more than 75 countries.
The video below gives a perspective by CNBC.
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