| Summary: | Islamic banking has become an increasingly popular source of innovation in international
financial markets. Several prominent and financially strong Islamic banks have been
established since the mid-Seventies and almost all have grown since the time of their
origin. In Malaysia for example, the number of financial institutions which provide
Islamic Banking products in addition to conventional banking has increased from 17 in
1993 to 55 in 1995. Currently there are approximately 45 countries with some form of
Islamic banking or financial institutions and Islamic banking firms are located in
countries ranging from Saudi Arabia, Bahrain, Turkey, and Bangladesh, to Switzerland,
Denmark, and Luxembourg
|
|---|