Growth and Development of Islamic Banking: A Global Review

Abstract

The paper appraises the growth and development of Islamic banking sector internationally in various parts of the world covering several countries from across the globe, including Saudi Arabia, Iran, Bahrain, Kuwait, UAE, Qatar, Jordan, Egypt, Oman, Turkey, Malaysia, Pakistan, Bangladesh, Indonesia, Singapore, Philippines, Sudan, Nigeria, Algeria, and Kenya. Islamic banking domains in the western and European regions were also part of the discussion involving the following countries: Australia, UK, Luxembourg, Germany, Italy, France, USA and Canada. The paper employs qualitative research approach in evaluating the progress of Islamic banking initiative throughout various countries of the globe by fetching data from the central banking as well as from the financial regulatory bodies of different countries. Islamic banking initiative considerably developed in the Middle East region, spreading to global scale from this region to other Asian and European countries. The growth of Islamic banking setup in non-Muslims countries reflects the power and potential of Islamic banking as a global financial force. The paper provides key facts along with vital information offering a comprehensive review of global growth of Islamic banking initiative in major regions of the world including Middle East, Asia, Africa, Europe, Australia and North America.