Islamic banking or islamic finance arabic or sharia compliant finance is banking or financing activity that complies with sharia islamic law and its practical application through the development of islamic economicssome of the modes of islamic banking finance include mudarabah profit sharing and loss bearing wadiah safekeeping musharaka joint . Islamic law views lending with interest payments as a relationship that favors islamic banking exists to further the socio economic goals of islam lump sum or through a series of . Ernst young a consultancy and accounting firm estimates that islamic banking assets grew at an annual rate of 176 between 2009 and 2013 and will grow by an average of 197 a year to 2018
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