Global Islamic finance covers all the Islamic finances of the world. Islamic banking follows all of the Islamic laws. Islamic financing is growing at a very high speed. All the Islamic banks of the world build up a global relationship among them, so that they share information in different conferences. This kind of banking is very important for the world. It is based on the principle of equality. The bank shares profit or loss with the client according to the profit or loss of the bank. A traditional financing system is different from Islamic financing system. There is no concept of interest in Islam. In Islam, it is prohibited. Also, there is no concept of insurance in Islamic finance. Risky transactions are prohibited under Islamic laws, whereas in conventional finance, these are all techniques that are allowed. They attract many other customers towards the bank and increase the overall revenue.
Most of the people start using this Islamic financing system. Many universities have started an MBA in Islamic finance. This shows the progress of global Islamic finance. Traditional financing system has many flaws that can be removed by adopting Global Islamic Finance. It is a credible option because it is adopted from a credible source which is the Holy Quran. From the past stats, it is expected that the global Islamic finance industry will grow up to 20 percent in the upcoming five years. The Islamic finance industry is growing in Gulf cooperation council and Asia. These areas represent 50 percent of the global Islamic finance. Malaysia is a leader of global Islamic finance. In recent years, this industry’s progress has been tremendous. It also needs more development to grow more effectively and efficiently. Many non-Muslims have also started using Islamic banks.
Global Islamic finance is based on Islamic economics. Global Islamic banking helps on an international scale to build good relations with other countries. Usually, all the Muslim countries are using this system. It provides an opportunity to the people of different countries to come closer and understand each other. This can become a step to build up Muslims as one. Globalization of Islamic finance also helps to reduce the misconceptions created among peoples of different religions. It is a good system of Islam. Non-Muslims should also understand this system and try to implement it in their economy. These types of issues help people to understand each other’s cultures, traditions, laws and regulation, etc. These things can create a harmony among people. The Islamic economic system works on this basis so that no single person shall suffer. There should be justice in the society. All the Muslims countries should adopt this system and become a part of global Islamic finance. This will increase the growth rate of this system.Through this method, people can easily show the true and fair economical and financial system to the world. It not only provides us Halal earning but also provide us a chance to become a role model. More than half of the world is full of Muslims. If Muslims follow this method, then they shall be considered as one and this is a good thing for Muslims.
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