Islamic banking today: rapid development has made Islamic banks global players

The first modern Islamic bank was founded in Egypt's northern delta region in 1963. The Mit Shamr Savings Bank gave out interest-free loans for efforts whose implementation were good for the society. With the increase in oil wealth amongst OPEC countries in the mid 1970's, the spirit of Islamic economics flourished. The Islamic Development Bank, an organizastion that now has 45 member states, was born out of efforts undertaken at a 1973 meeting of Muslim finance ministers. The group's capitalization has been doubled from $2.8 billion to $5.6 billion. Private Islamic banks have operated side by side with conventional ones. In a number of Gulf states, the market share of Islamic banks is greater than one fifth. The Pakistani constitution specifies the elimination of interest from the economy. The two principal groups in Islamic finance are Dar al-Maal Islami and Albaraka banks and companies. The Al Rajhi Banking and Investment Corporation converted itself to an Islamic bank in 1