Islamic finance has existed for over 1500 years but saw renewed growth starting in the 1960s. While not fully developed, it provides alternatives for devout Muslims who were previously locked out of many traditional financial vehicles. Islamic finance aims to comply with Sharia law, as determined by religious scholars. Some key differences from conventional finance include a prohibition on interest and a focus on asset-based transactions rather than currency-based loans. While similar financial outcomes can be achieved, Muslims see a distinction in the method used.

1. Islamic Finance A very brief introduction

20. Google search on ‘ Islamic Banking ’ yields this on the first page.

25. http://www.ftse.com/indices_marketdata/global_islamic/index_home.jsp http://www.djindexes.com/mdsidx/index.cfm?event=showIslamic

27. http://www.noriba.com/sukuk.htm http://www.euromoneybooks.com/default.asp?page=4&productID=3099

30. http://www.takaful-malaysia.com/ (Malaysia) http://www.imanlinc.com/ (U.S.A) http://www.takaful.com/ (Indonesia)