Progress of Islamic banking and financial system in the modern world

International steps have been taken to establish Islamic economies in Muslim nations. The Organization of Islamic Countries (OIC) discussed the elimination of riba at its meetings in 1973 and 1974. Various nations, such as Jordan and Sudan, have areas of effort in Islamic finance. Profit-and-loss sharing (PLS) is central to the Islamic system. Any differences in the interpretation of 'riba' are no longer pressing since Islamic financial institutions consistently oppose interest. Shirka and mudaraba are forms of Islamic financial intermediation. Issues of note include financing of the agricultural sector, contrasts between conventional and Islamic corporate fundraising, leasing, and consumer credit. A PLS system will unambiguously raise savings, and evidence from Pakistan and Sudan shows that Islamic banking is profitable. The Islamic financial system appears firmly planted in the banking landscape.