Islamic banking and the prohibition of usury in western economic thought

In response to the interest-bearing system of conventional Western banking, the Islamic banking system has undergone rapid expansion as a growing number of Muslims opt for financial institutions based on the principles of the Qur'an. Western principles regarding usury extend from classical to medieval to modern times. The principles of the Western tradition and Islamic principles on the prohibition of riba share some similarities. The Islamic alternatives to interest are dependent on shared risk, and the Islamic financial system has its own complexities. Both the Western and Islamic systems have their internal ethics; a fundamental difference is that the ethics in the Islamic system are explicit. The implicit ethics of West perhaps need to be more acknowledged in light of the fact that debt-financing crises exist around the world.