Awareness of Islamic Banking Products among Muslims: The Case of Australia

Publisher:
Palgrave Macmillan
Publication Type:
Chapter
Citation:
Islamic Finance: Principles, Performance and Prospects, 2016, pp. 141 - 156
Issue Date:
2016-12-01
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The concept of interest-free financing was practiced by Arabs prior to the advent of Islam, and was later adopted by Muslims as an acceptable form of trade financing. While the system had been used on a small scale for centuries, its commercial application began in the 1970s.1 Since then Islamic financing has experienced worldwide acceptance, and by early 2003 there were at least 176 Islamic banks around the world, with deposits in excess of $147bn.2
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