The world as we are witnessing it now is gripped in the shadow of economic darkness. One country crisis is no more another country opportunity, in this age of entangled affairs which other wise is known as Globalisation, if the ache is in head the pain trickles down to the rest of the body as well.
One after another giant corporate houses have fallen like house of cards. The unregulated capitalistic system of economy and the inherent greed attach with it has led to catastrophic disasters for countries around the world. Perhaps it’s the time for introspection. Perhaps it’s the time for market correction. Perhaps it’s the time for a new economic system.
It looks likes as though the destiny of economic system is turning towards Islamic solution, because the debate around the world for an alternative to conventional banking has grown intense in recent months towards Islamic finance. The debate becomes favorable towards Islamic Finance as a true alternative to the conventional banking methods because the era of lack of liquidity and of zero interest rates is here to stay.
Important to note here is that Islamic finance industry has achieved noticeable growth, generating impressive numbers in recent years. The value of assets under management in Islamic finance grew to an estimated $700 billion last year, and is forecast to hit $1 trillion in 2010. Moody’s Investors Service puts its annual growth at 15 percent, making it one of the fastest growing financial industries in the world. Compared to its counterpart of conventional banking, Islamic finance has been faring well in the financial crisis. |
