The Arab world has been the cradle of Islamic banking and there are now around one hundred Islamic banks and financial institutions working in the private sector. Islamic financial principles are nowadays a fast-growing feature of all Arab economies. As such, the aim of this chapter is to highlight the history and features of Islamic banking business and analyze its development.


Mutual Fund Arab World Gulf Cooperation Council Islamic Bank International Account Standard 
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Copyright information

© Philip Molyneux and Munawar Iqbal 2005

Authors and Affiliations

  • Philip Molyneux
    • 1
  • Munawar Iqbal
    • 2
  1. 1.University of Wales BangorUK
  2. 2.Islamic Banking and Finance DivisionIslamic Research and Training Institute, Islamic Development BankJeddahSaudi Arabia

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