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Islamic Economic and Financial Systems Workshop
The size of Islamic banking and finance market has exceeded $2.2 trillion dollar in 2018 according to international researches which have also stated that Islamic finance is one of the fastest growing areas of today banking industry. Islamic finance is spread over more than 60 countries including UK which, according to 2016 statistics report, hosts six Islamic banks and another 20 lenders currently offers Islamic finance and wealth products and services. USA hosts 25 Islamic institution which are overseen by federal regulators such as the Federal Reserve System and must meet the specific state Department of Financial Institutions requirements. Australia hosts 7 financial institutions and 2 Australian banks offer some sort of Islamic financing. In addition to this, Australia has a substantial number of Islamic finance service providers which offer a broad scope of Shariah-compliant finance products ranging from house financing, Islamic pensions, wealth management to halal superannuation funds and takaful.
Islamic Economic System is based on number of principles putting the foundation of the Islamic finance and banking systems. Some of the main features of IES are; prohibition of interest, prohibition of hardening, encouragement of earning a living by working, prohibition of monopolies and oligopolies, prohibition of excess risk or uncertainty (Gharar) prohibition of gambling and sinful activities (trading in arms, pornography, drugs, tobacco and other activities which are considered prohibited or unethical under Islamic law, and the principle of Zakah.
These features make IES a system that offers social justice, robust financial markets a balanced economy and balanced society.
If you want to know more about the Islamic Economic System, why is Islamic Banking among the fastest growing markets and how is IES shares many features with ethical finance, what is Islamic finance and banking, Islamic financial tools, financial needs of the Muslim community, contact us for more details on our workshops and training.