Khaleej Times published an article “Islamic finance is gaining popularity in key markets”. It underlines all the key aspects of Islamic finance and Ambareen Musa founder of souqalmal.com shares her knowledge on the topic.
Islamic finance has gone mainstream and is rapidly growing in its key markets. The numbers don’t lie. According to a Morgan McKinley research, the global value of Islamic banking assets is forecasted to reach $6.5 trillion by 2020, as compared to $150 billion in the mid-1990s. This says a lot about the growing popularity and global acceptance being garnered by Islamic finance.
What is Islamic finance?
Islamic finance is a financial system that complies with Shariah law, which prohibits taking or receiving interest or ‘riba’. The institutionalisation of Islamic finance started in the 1960s, with the primary aim to meet the finance requirements of Muslims in conformity with the Islamic principles of Shariah.
For the full article go to khaleejtimes.com