Islamic Banking and Finance: Between Ideals and Realities

Abstract

Islamic managing an account and fund as an industry is developing at a remarkable rate. Presently, there are around 270 Islamic banks worldwide with a business sector promotion in abundance of US$13 billion. The resources of Islamic banks worldwide are assessed at more than US$265 billion and budgetary ventures are above US$400 billion. Islamic bank stores are assessed at over US$202 billion worldwide with a normal development of somewhere around 10 and 20 percent. Besides, Islamic bonds are right now assessed at around US$30 billion. Also, Islamic value stores are assessed at more than US$3.3 billion worldwide with a development of more than 25 percent more than seven years and the worldwide Takaful premium is assessed at around US$2 billion. Islamic fund is established chiefly on the disallowance of riba'. Subsequently, the fundamental point of Islamic managing an account and money is to give an Islamic different option for the routine framework that is in light of riba'. As an different option for riba', the benefit and misfortune sharing courses of action are held as a perfect method of financing in Islamic account.

Keywords: Riba, Islamic Banking, Takaful