The emergence of Islamic banking in recent years is one of the most important trends in the financial world. There has always been a demand among Muslims for financial products and services that conform to the Shariah (Islamic law). With the development of viable Islamic alternatives to conventional finance, Muslims are increasingly able to participate in the financial world without bearing an economic penalty. The Islamic banking industry today is valued at several hundred billion dollars (estimates vary) 1 , and consists of more than 300 financial institutions in and outside the Muslim world. This emerging industry is the.
