Islamic banking gaining momentum

Sector manages to skirt effects of recession and impress many with its emphasis on profit instead of interest.

    The last few years have been volatile for banks around the globe, but Islamic banking has managed to steer a more steady course and is growing fast, as Al Jazeera's Imran Khan reports from Doha.

    The sector is worth billions of dollars and, according to some estimates, has grown by 20 per cent.

    The concept of Islamic banking is based on making profit through trade rather than interest, which is against Islamic religious law. Almost every bank in Qatar is boasting its Islamic credentials, and they are not alone.

    Speaking to Al Jazeera about the phenomenon, R Seetheraman, CEO of Doha Bank, said: "Islamic banking is not confined to only traditional Muslims. Non-Muslims are [also keen on] Islamic banking."

    He said the shift to Islamic banking has already been seen in countries such as Japan, Korea, Singapore and Canada.

    SOURCE: Al Jazeera


    YOU MIGHT ALSO LIKE

    From Zimbabwe to England: A story of war, home and identity

    The country I saw as home, my parents saw as oppressors

    What happens when you reject the identity your parents fought for and embrace that of those they fought against?

    Becoming Ocean: When you and the world are drowning

    Becoming Ocean: When you and the world are drowning

    One woman shares the story of her life with polycystic kidney disease and sees parallels with the plight of the planet.

    The evening death came for me: My journey with PTSD

    The evening death came for me: My journey with PTSD

    On a gorgeous Florida evening, a truck crashed into me. As I lay in intensive care, I learned who had been driving it.