Growing role of Islamic banking

The theory and practice of Islamic banking are attracting worldwide attention. This new pattern of banking, while still in its infancy, has already made a significant impact on the world financial scene. Clearly, there is still a considerable amount of research and analysis to be done by Islamic banking scholars to ensure that the future development of an Islamic banking system is achieved in the context of Qur'anic law and, at the same time, to enable Islamic banks to both compete and cooperate with traditional banks who operate in a financial arena dominated by interest-based banking functions. International gatherings such as those promoted by the Bahrain Monetary Agency to bring together ancient wisdom with modern methods will help the world react positively to this major new funding resource for international financial markets. Training and educational initiatives conducted by the Bahrain Institute of Banking and Finance will provide the necessary building blocks to facilitate t