Islamic banking around the world

Among the reasons usually cited for the recent revival of Islam and the subsequent interest in riba-free banking are the process of self-identification following colonialism and the flow of oil wealth to the Middle East, which gave clout to certain Muslim countries. The economic scheme of Islam is based on the notion of equity. The general good of the community and individuals' relationship with Allah are crucial factors shaping decisions. An Islamic economy's general guidelines include fairness toward people's property, respect for free enterprise, and the disclosure of information when deals are made. Religious supervisory boards check institutions' compliance with shari`a . Among the difficulties afflicting Islamic financial institutions are stiff competition in the financial sector, a dearth of experts in field, and economic sluggishness and political instability in Muslim countries. Islamic products exist as financing tools and investment tools. Islamic institutions ought