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| Topic: |
Miscellaneous
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| Number of pages / Number of words: |
22 / 5910 |
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The story of interest-free or Islamic banking begins here. In the following paragraphs we will trace this story to date and examine how far and how successfully their concerns have been addressed.
Historical Development:
The history of interest-free banking could be divided into two parts. First, when it still remained an idea; second, when it became a reality - by private initiative in some countries and by law in others...
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We will discuss the two periods separately. The last decade has seen a marked decline in the establishment of new Islamic banks and the established banks seem to have failed to live up to the expectations. The literature of the period begins with evaluations and ends with attempts at finding ways and means of correcting and overcoming the problems encountered by the existing banks...
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