Islamic finance has been revived in the last 50 years. The financial products offered by the Islamic Banking Instituition (IBI) are based on Shariah. All schools of thought have consensus on it and have constituted a body called the ‘Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI)’ situated in Bahrain, which directs and monitors the execution of Islamic modes of finance around the globe with the help of respective central banks of countries.
Islamic banking is playing a vital role in the socioeconomic sector, creating opportunities for the masses.
Muhammad Adeel Khan
Karachi
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