Is Islamic Banking & Finance for Muslims Only?



Throughout the world, Islamic banking has grown at a considerable rate and now, over 60 countries have adopted Islamic Banking. Many of the largest financial organizations and global banks in the world are now participating in Islamic Banking such as Citibank, ABN, AMRO and AMEX. Here are a few references from Reuters & Forbes.

This proves that it is fast becoming a feasible option for many people around the world. Many of the financial products on offer are competitive and fall in line with Islamic principles as opposed to being only religious products.

It is prohibited to add interest and so, as over sixty six percent of the world have a need for finance that is interest free, and so, due to the products offering a high level of competitiveness it means that they also appeal to non-Muslim investors. This means that the options that are available for non-Muslim customers are greater than they have been for some time and that can only be seen as a positive.