Global Journal of Economics and Business

Volume 9 - Issue 1 (2) | PP: 8 - 22 Language : العربية

The role of Islamic banks in economic development

Sumia Ebrahim ahmad
Received Date Revised Date Accepted Date Publication Date
2/3/2020 7/4/2020 16/6/2020 3/9/2020
The Islamic world witnessed a movement of Islamic liberation and awakening that led to the inevitability of the Islamic alternative to the institutions inherited from the Western world and based on economic development. Among these institutions are banks that have been dealing with usury forbidden in the Holy Qur’an and the Noble Prophet’s Sunnah, which led to the establishment of Islamic banks based on Islam’s foundations. These banks have resources and uses for these resources and they have special financing formulas consistent with the teachings of Islam, which made Islamic banks distinguished from commercial banks in the formulas of financing and the general goals and purposes based on the tolerant teachings of Islam that Islamic banks in light of the requirements of the times have become an imperative economic necessity for every Islamic society that refuses to deal With interest and desires to apply Islamic law in order to facilitate exchange and transactions and facilitate the production process and enhance capital capacity within the framework of Islamic law And that there is a feature of differences between Islamic banks and commercial banks, and that Islamic banks are multiple forms of financing, which had a role in economic development in the Arab and Islamic countries.

How To Cite This Article
ahmad , S. E. (2020). The role of Islamic banks in economic development . Global Journal of Economics and Business, 9 (1), 8-22,

Copyright © 2024, This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.