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About Islamic Banking


"Islamic banks operate in the Middle East, Europe, Asia and Africa. By end of 2011, the Islamic banking industry is estimated to have US $1 Trillion worth of assets globally." ~ Standard Chartered Saadiq 12th December 2011


"Islamic finance assets around the world are expected to climb 33% from their 2010 levels to $1.1 trillion by the end of 2012, boosted by the aftermath of the Arab Spring uprisings and dissatisfaction with conventional finance in the wake of the global debt crisis" ~ Ernst & Young  20th December 2011 


"The ethical principles on which Islamic finance is based may bring banks closer to their clients and to the true spirit which should mark every financial service" ~ Osservatore Romano (Vatican's official newspaper) 4th March 2009



A few decades ago, developing contemporary banking and financial institutions that encompass Islamic values within their core principles and practices seemed to be unachievable. Today, however, Islamic banking has become a viable financial approach that attracts an increasing amount of capital investment at annual rates that vary between 10% - 15% with signs of consistent growth. As it continues to penetrate new and emerging markets every year, Islamic Banking services were first introduced in the Republic of Maldives in March 2011 by Maldives Islamic Bank. 


The concept of Islamic Banking was developed by Muslim scholars to address the religious prohibition of the payment or receipt of interest, along with other unethical practices found in the conventional banking system. The fundamental principles of Islamic Banking are found in the laws of Islamic transaction or 'Mu' amalath', which goes back over one thousand four hundred years. They are set out in the Islamic Shari'ah and are enshrined in the Qur'an and the Sunna, the main two sources of Islamic Shari'ah. Today, these principles form the basis of the contemporary Islamic Banking range of evolving and fast growing Islamic financial products & services.


The Vatican has put forward the idea that "the principles of Islamic finance may represent a possible cure for ailing markets."