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The Islamic Banking - The Interest Free Banking

Author

Listed:
  • Lect. Sorina Botis Ph.D

    (Transilvania University of Brasov Faculty of Economic Sciences and Business Administration Brasov, Romania)

Abstract

The article provides an overview of the Islamic banking as a system of banking that is consistent with the principles of the Sharia law which prohibits the payment or acceptance of interest (“riba”) and speculative behavior. The Islamic banking industry has great potential for global expansion in order to continue its growth, with a growth rate of 25%-30% over the past five years, nearly double the growth rate of conventional banking. The largest centers for Islamic finance remain concentrated in Middle East but the Islamic banking is not limited to the Arab world. The UK as well as other Western European countries offers great opportunities to Islamic banking development, due to its largest Muslim community.

Suggested Citation

  • Lect. Sorina Botis Ph.D, 2013. "The Islamic Banking - The Interest Free Banking," Revista Tinerilor Economisti (The Young Economists Journal), University of Craiova, Faculty of Economics and Business Administration, vol. 1(21), pages 18-25, NOVEMBER.
    • Handle: RePEc:aio:rteyej:v:1:y:2013:i:21:p:18-25
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    File URL: http://feaa.ucv.ro/RTE/021-02.pdf
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    More about this item

    Keywords

    Islamic banking; fully Sharia-compliant bank; conventional bank; Sharia-compliant assets; Islamic window; Islamic banking products and services;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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