Islamic banking on the march

Both President Zia ul-Haq of Pakistan and HRH Prince Mohammed al-Faisal have promoted Islamic finance. Pakistan was the first nation to switch to an Islamic banking system, while Prince Mohammed worked to develop its concepts. Islamic banking is advancing not only in the Muslim world, but also in European countries and the United States of America. The International Monetary Fund (IMF) has determined through two major surveys that the Islamic system is both viable and efficient. European (especially British) and Japanese interest in Islamic finance exists. The International Association of Islamic Banks has done work in this field.