CHAPTER 28
Islamic Banking, Interest-Free Banking
Islamic banking is a rapidly growing and evolving segment of the international banking industry. This is to the result of higher oil prices and a consolidated sense of Islamic identity across the Muslim world. In 2013, there were more than 435 Islamic financial institutions spread over 48 countries with cumulative assets of $1,300 billion. A complete discussion of this segment of the industry would demand a complete book. The purpose of this chapter is more modest: to provide the reader with an introduction to Islamic banking.
After introducing the riba prohibition and a series of Islamic banking ...
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