Role and Progress of Islaminc Banking in India, Ethiopia and Rest of the World-An Analysis

Abstract

Islamic finance is growing at a galloping pace, with its estimated 15% to 20% annual growth rate considerably outstripping that seen in the conventional banking industry. At present, its operations are going on in more than 56 countries of the world. Present study motto is know that the current role and progress of non-interest banking in the world and what kind of financial products and services are providing to the customer and what kind of challenges are facing by these institutions.  Based on the empirical study, researcher found that, Global Islamic banking assets with commercial banks are on course to exceed $3.4 trillion by 2018, fuelled by growing economic activity in core Islamic finance markets.  Islamic financial institutions are working well and contributing the world also excellent, even though, there is a gap to fill in the form of providing more financial products and services and there is need to clear ambiguous feelings of customers to become closer.

Keywords: Islamic Banking, financial products and services, role and progress.