Some fifty years ago there was generally no talk of Islamic banking and finance. The industry was just born to meet the needs of Muslims who were looking for financial services in compliance with Islamic Shari’ah and other Islamic principles of life and values, thereof. Today, according to many who report on banking and finance and more specifically Islamic banking and finance, confirm that the industry is about to reach some US$ 5 trillion of assets by 2025. This is a staggering number by any standards but still miniscule and small compared to conventional banking and finance, probably in the region of about 1 to 1.5%.
After outliving the tumultuous years of the global Covid-19 pandemic, and the many global financial crises, which affected world finance over the years, the Islamic Banking industry proven its resilience, and it is still, not only growing, but also thriving.
It has taken over large parts of the banking industry in the GCC countries, many West Asian countries like Iran, Türkiye and others, Africa, South Asian and Pacific countries, Europe and many other parts of the world. It is reported to being practised in over 80 countries according to the Islamic Financial Services Board (“IFSB”), roughly half of the world’s countries. This is quite a remarkable achievement for an industry that is barely fifty years old and specially when it comes to money and money management. It is ethical, connects to the real economy, and meets sustainable........