Sample Essay
The ban on interest and the more ethical management of fund is attracting non Muslims to open accounts with Islamic banks as the customers of the banks know that their depocisted funds are invested in healthy business that do not contribute to war, weapon manufacturing businesses or those involved in the trade of alchohol.
“Banks such as HSBC have hailed Islamic banking as finally coming into the mainstream as they prepare to target not only the estimated 6 million Muslims in America — with a wealthy middle class that’s growing in size — but members of other faiths as well” (Emling, 2005) The strong demand of the Islamic banking amongst the non Muslims can be depicted by the fact that over 25 percent of the account holders of Islamic Banks in the nation of Malaysia are those who are not Muslims (Osman, 2007). World over the operations based on Islamic Banking have been established in over 100 countries that have a worth of $300 billion.
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