Islamic Banking and its Perspectives

In the recent years, the global banking system has experienced large aftershocks. The global economic crisis that began in 2008, and its consequences, succeeded to close down many large banking systems. On the other hand, Islamic banks made a great growth, and their bank assets according to estimates, are worth about 1,800 billion. The secret is not in the big oil reserves, but the system which they called "halal financing". This system is based on several basic premises, which are not of a great philosophy, but are not in compliance with the western system of financial manipulation. The prohibition of interest-based finance through the banking sector, spread the growing economic impact in the contemporary economic, social, political and globalisation area. The relevance of this study is contributing to the debate which concerns the possible relevance of Islamic Banking to the potential development and redefinition of conventional banking. Through analysing the pros and cons of this financial system based on the Islamic principles, it will be determined if it is able to play a leading role in revamping and driving the conventional banking.