This is with reference to report “Global Islamic banking assets to cross $3.4 trillion by 2018” (May 22). It seems that Islamic banking is effectively emerging as an alternative of the traditional banking system.
Financial experts have started to recognize the positive aspects of Islamic banking system, which is based on justice. Unlike traditional banking, Islamic banking believes is sharing risk and not only interest. Due to various factors, Islamic banking is proving to be better than the traditional system.
Islamic banking system has already proved its credibility, performance and stability during the financial crisis of 2007-2008, which was described as one of the worst economic crises since the Great Depression of 1930s.
With honesty, justice and moral values as its chief means, Islamic banking has the potential to not only streamline present unpredictable banking tendencies but also to eliminate poverty across the globe. As a matter of fact, these are the universal features, which are certainly drawing the attention of traditional financial institutions.
We are sure that soon the world will adopt this honest banking system. — Sultan Yousuf,
Riyadh
Islamic banking
