Islamic Banking & Finance

Islamic banking and finance is a fast growing industry which is developing persistently and has been competitive to achieve and maintain its growth momentum even in the time of great recession. Islamic banking and finance industry came into being with profit and loss sharing investment by Egypt's Mit Ghamr Saving Bank in 1963. Development of Islamic banking started after 1970 with new investment techniques, strategies and product development. Principles of Islamic banking is based on Islamic laws known as Shari`ah consisting three principles in regard to investment, banking or financial dealings which are prohibition of Riba (Interest), Gharar (uncertainty) Maysir (Speculation) and Unethical business. Islamic banking and finance in Australia is seen as a fast growing market since Westpac adopted their services in banking. It has great potential for development given Australia has abundant resources its strategic location, strong trade links and fast growing region in the world. Australia has a potential to facilitate further innovation and competition in the wholesale and retail banking sectors and to support Australian government's commitment towards credit market diversification.

Autorentext

Mr. Ahmad Munir Mehar obtained his Master degree in Finance from University of Wollongong, Australia in 2012. He has worked as a Manager in different organizations in Saudi Arabia and Pakistan in the fields of Accounts and Finance. His area of concentration and research are Islamic Banking System across the world.