Browsing: AlHuda CIBE CEO Mr Muhammad Zubair Mughal

Islamic Bank Of Britain
  • In recent years, Islamic banking has grown on average two to three times faster than conventional banks.
  • No interest clause and bank-client partnership attracts investors to Islamic banking.
  • AlHuda Centre of Islamic Banking and Economic (CIBE) to hold Islamic banking summit in Tanzania (August)

Over the course of the last decade, Islamic banking has grown on average two to three times faster than conventional banks. Even in the middle of the global financial crisis, assets of Islamic banks grew at an average rate of 17% per year’ reports Ernst and Young (E&Y), in their latest World Islamic Banking Competitiveness report.

Notably, Islamic banks differ from conventional banks because they operate under the principles of Islamic law or sharia. These laws prohibit banks from collecting usury and so Islamic banks do not charge interest on loans.

The Islamic finance market can be divided into Islamic Banking, Islamic Insurance or what