Sample Essay
The concept of Islamic banking has also taken up considerable demand in the non-Muslim countries. The main concept in Islamic banking is that all transactions, and services provided by the bank are free from interest and guaranteed profit which is banned by Shariah. As result the customers are provided a much better resource for their money while an effective and efficient lease relationship. “Islamic banking has also recently done rather well in non-Muslim countries with the reported size ofUKIslamic banking overtaking that of majority Muslim countries like Pakistan.
Islamic banking assets are thought to be anywhere from 700 billion dollars to 900 billion dollars as of 2009. The credit crunch that has affected much of the western world has not taken its toll on the Islamic Banks, mainly because of the nature of the underlying transactions which admonish Riba and encourage instead a partnership based approach.” (Muhammad, 2009) Aside from this Islamic bonds also termed Sukuk have been launched by many corporations globally which have a total worth of $100 billion. The concept of Islamic leasing also termed as Ijara which is combined with the Islamic form of insurance also termed Takafuul is also becoming increasingly popular in the western countries. Firms in UK and US alike are offering these services to their customers in the region due to increased demand fro them presented by Muslims and non Muslims alike.
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