Islamic banking, finance and investment

The Islamic banking and finance sector is a field that has to be seen in the broader framework of an Islamic economy. In the Islamic banking and finance world, the benefits of tangible economic efforts are shared, as are the risks associated with these efforts. Interest is forbidden, as are dealings in un-Islamic practices such as weapons of mass destruction. Furthermore, one cannot sell that which one does not own. Thus, short selling is prohibited. There are an estimated $60 to $80 billion dollars in the Islamic banking sector. The ranks of Islamic firms are growing. The Faysal Islamic Bank of Bahrain (FIBB) is a premiere Islamic financial institutions. Its current capitalization is $225 million. The chairman of both FIBB and the Dar al-Maal Islami Trust, which owns around 53% of FIBB shares, is Prince Mohamed al-Faisal al-Saud. Amongst the products offered by FIBB are murabaha , by which a product is bought and resold; Ijara, a lease arrangement; and syndications. The o