Western Europe sees dramatic growth

While the practice of Islamic banking is a recently-started occurrence in the West, it is today a growing phenomenon in Europe. A number of Islamic institutions have been set up in the past few years. The two principal differences between Islamic banks and conventional banks are that: 1. Islamic banks do not deal with interest; and 2. Risks are borne on the shoulders of both the bank and the business invested in. Islamic banks treat their depositors like partners, while conventional banks do not. In losing ventures, entrepreneurs who give no capital lose only their time. The Islamic banking system has been characterized as one based on fairness. A number of large Western banks offer Islamic services to clients who seek them. Less major European banks tend to offer no such services. One obstacle to conventional banks entering the Islamic field is the need for religious boards to act as oversight bodies. The acceptance of Islamic banking is increasing. Islamic banks give away