Solving the puzzle ofShariah-com pliant finance

Islamic finance has seen rapid growth in the past decade, though the foundations upon which it is based are 1,400 years old. So what is Shariah-compliant finance?

Though Islamic finance remains a relatively young industry, with the first Islamic bank, the Islamic Development Bank, established in Jeddah in 1972, it has grown significantly and has branched out into new geographic regions. For example, there are now a total of 25 financial institutions offering Islamic financial services in the UK alone. Like every other aspect of Muslim life, Islamic finance is governed by the Shariah and the interpretation of this law (Fiqh). Together, these provide the ethical framework outlining the essence of economic well-being and the development of individuals...