Argument shows islamic banking is not only targeting people from Essay

Argument shows islamic banking is not only targeting people from Muslim backgrounds or in muslim countires - Essay ExampleAs a result of the strict lending rules, Islamic Banking is gaining popularity among Muslims and non-Muslims globally at a high-pitched rate. Although referred to as Islamic Banking, non-Muslims substantiate currently been included in the system. Some observers have defined it as a sophisticated banking and finance structure that takes into consideration moral and social values, extremely compatible with the modern financial needs, which make the bank, receive overwhelming support from all people. The incorporation of strict sharia economics and the modern lending economics have been the major contributing factors for non-Muslims indulgence in the Islamic banking system (Syed, 2012).Previously, Islamic Banking was attractive only to a limited number of Muslims whose main dissolve was to avoid interest charged by the conventional banking system. However, the i ncreased support it has received from the rich Gulf Muslim investors has increased its popularity, luring more people into the system. The ascension demand for ethical investing and the need for less risky alternatives of investing have pulled more numbers of non-Muslims into the Islamic Banking. Additionally, the Islamic finance sector is all the same to develop into a fully-fledged financial sector. Therefore, more people are required to chip in their little share so as to expand the market place share. Driven by the vision of offering an alternative banking system to the conventional banking, designers of the Islamic Banking allowed non-Muslims to take part in order to accelerate its growth (Abdullah, 2012).The high potential shown by Islamic Banking has seen the introduction of classes based on the ideals of Islamic Banking system (Khan, 2013). In fact some of these institutions have greatly advocated for Islamic Banking to the finale of recommending it among their students. Harvard for example has set up an Islamic Finance Project since 1994 that is based on