The Role of Islamic Banking in Economic Development

Some countries have misconceptions about Islam religion. It has long been ahead of time and is still going on. In some countries of the world, Islam is labeled as a terrorist and is presented as a source of radical behavior, and in some countries, it is referred to as the cause of negligence. Despite all these unfair claims, it seems that the Islamic Financial System, established on the basis of Islam, which is the cause of this backwardness and radicalism, is at least a scientific reality. In my view, the Islamic Finance System has become one of the most important economic theories of the modern era, and practically it will not be possible to study and educate economics in the future regardless of the future success or failure of Islamic Finance Institutes and the Islamic Finance sector. Especially after the most acute financial crisis in the 21st century, the Islamic Financial Institutions' surprise resistance to the crisis will provide the Islamic Finance System as one of the major theories of modern economics.

Autorentext

Nurlan Orujlu is a researcher, junior finance specialist and author of some articles about Islamic Finance, Entrepreneurship and etc. He has successfully completed his master's degree in Financial Management last year. Nurlan Orujlu lives in Baku with his family.