The Arab world is formed by 25 countries and territories from North Africa and Western Asia. These countries have experimented in recent years a large economic growth due to export revenues from high oil prices.
The Arab bank,is nowadays the group with the largest worldwide Arab branch network, with more than 500 branches in 30 countries across 5 continents and it participates in the main financial markets and centers such as London, New York, Dubai, Singapore, Zurich, Paris, Frankfurt, Sydney and Bahrain.’ 1
The difference between the conventional banking and the Islamic banking is that the last one works according to the Shariah, known as Fiqh al- Muamalat thata are the Islamic rules on transactions.It is based on an essential principle: "The sharing of profit and loss and the prohibition of Riba (usury)"
They have some restrictions due to their culture, so they only can make "Islamically acceptable transactions". Some of the excluded transactions are those which involve alcohol, pork and gambling.
Islamic banks represent a very small part of the global banking system, even with their recent growth in the Muslim world and right now there are Western Banks that are implementing Islamic banking techniques.
References:
Arab bank. Web site: http://en.wikipedia.org/wiki/Arab_Bank
Ghanbar Naderi, (2010 April 10). Islamic Banking Improving. Retrieved May 11,2010, from http://iran-daily.com/1389/1/31/MainPaper/3659/Page/4/MainPaper_3659_4.pdf
no author. (2010, April 20) Islamic Banking. Retrieved on April 21, 2010 from the Wikipedia website: http://en.wikipedia.org/wiki/Islamic_banking
The Arab bank,is nowadays the group with the largest worldwide Arab branch network, with more than 500 branches in 30 countries across 5 continents and it participates in the main financial markets and centers such as London, New York, Dubai, Singapore, Zurich, Paris, Frankfurt, Sydney and Bahrain.’ 1
The difference between the conventional banking and the Islamic banking is that the last one works according to the Shariah, known as Fiqh al- Muamalat thata are the Islamic rules on transactions.It is based on an essential principle: "The sharing of profit and loss and the prohibition of Riba (usury)"
They have some restrictions due to their culture, so they only can make "Islamically acceptable transactions". Some of the excluded transactions are those which involve alcohol, pork and gambling.
Islamic banks represent a very small part of the global banking system, even with their recent growth in the Muslim world and right now there are Western Banks that are implementing Islamic banking techniques.
References:
Arab bank. Web site: http://en.wikipedia.org/wiki/Arab_Bank
Ghanbar Naderi, (2010 April 10). Islamic Banking Improving. Retrieved May 11,2010, from http://iran-daily.com/1389/1/31/MainPaper/3659/Page/4/MainPaper_3659_4.pdf
no author. (2010, April 20) Islamic Banking. Retrieved on April 21, 2010 from the Wikipedia website: http://en.wikipedia.org/wiki/Islamic_banking
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