Islamic banking and financial infrastructure institutions essay
Analysis of Islamic banking and finance. The most important part of Islamic Banking is that the risks of financial transactions should be shared equally between the depositor and the investor, who are the bank and its customers. Unlike the practice of charging interest on borrowed money by most financial institutions, the Islamic International Rating Agency IIRA under Islam is an international Islamic rating agency based in Bahrain that started operations in 2003. Initially, it was established as an infrastructure institution to support Islamic finance as conceived by the Islamic Development Bank IDB. This puts IIRA in a competition with system support. The IFC notes a potential gap of 8.63 billion to 13.20 billion for Islamic SME financing in the nine countries surveyed in the region. The report highlighted that among the more surveyed banks in Iraq, Pakistan, Yemen, the Kingdom of Saudi Arabia, Egypt, Lebanon, Morocco, Tunisia and Jordan, there were SME offerings. The following banks were opened: Nasr Social Bank, Amanah Bank, the Dubai Islamic Bank, the Kuwait Finance House, the Faisal Islamic Bank of Sudan, the Faisal Islamic Bank of Egypt, the Bahrain Islamic and the Qatar Islamic. 38.