Islamic banking started on a modest scale in the early 1970s and has shown tremendous growth over the last 30 years. What started as a small rural banking experiment in the remote villages of Egypt has now reached a level where many mega-international banks are offering Islamic banking products. The practice of Islamic banking now spreads from East to West, all the way from Indonesia and Malaysia towards Europe and the Americas. The size of the industry that amounted to a few hundred thousands of dollars in 1975 had reached hundreds of billions of dollars by 2004.
KeywordsFinancial Intermediation Gulf Cooperation Council Islamic Banking Capital Adequacy Tremendous Growth
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